Comunication free essay sample

April 2013 BCom Accounting 1st year Group members: * Guguletho Thwala 201305575 * Tsakani Siweya 201300869 * Chelsea Okesokun 201304976 * Sibusiso Mngomezulu 201306272 * Genilsa Angelica 2009075 * Fortunate Molawa 201303699 INDEX Page no: 1. Introduction (Angelica) 2. Body 3. 1. Land (Sibusiso) 3. 2. Labour (Chelsea) 3. 3. Capital (Tsakani) 3. 4. Entrepreneurs (Fortunate) 3. Conclusion (Gugulethu) 4. Glossary of terms 5. ARTICLE 1 6. ARTICLE 2 7. Bibliography INTRODUCTION Definition of Factors of Production An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, Labour, capital and entrepreneurship. This assignment aims to discuss the different factors of production used by a specific company by giving a practical example of each. Explaining Factors of Production In essence, land, labour, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labour is all of the work that labourers and workers perform at all levels of an organization, except for the entrepreneur. We will write a custom essay sample on Comunication or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The capital is all of the tools and machinery used to produce a good or service. The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business. On this research we will be focussing at Albany Bakeries in South Africa, how the firm as made and still use of these factors of production over the years. Albany Bakeries is an South African bakery and subsidiary of Tiger Brands, which markets food products such as cooking oils, sauces, bread, candy, ice cream, mustard and ready meals. 1 LAND /Natural resources (Sometimes called land) : its reward its Rent Land consists of all the gifts of nature. They include minerals deposits, water, arable land, vegetation, natural forestry etc†¦ but once they are used up, they can never be replaced. The availability cannot be increased if we want more of them. But it is however sometimes possible to exploit more of the available resources. For example, new mineral deposits are still being discovered and exploited every year. Every business uses some physical space, though for example, a bank or small home-based business uses much less land than an agricultural business growing sugar. The word â€Å"rent† is used to describe the earnings from land as a factor of production. Land and natural resources are in limited supply. Albany Bakeries need space to work and some bakeries grow their own wheat and produce their own bread. Albany Bakeries consist of a chain of 13 regional production sites that supply supermarkets across South Africa with bread and other baked goods such as rolls, buns and baps (they need land to own or rent out) and they need farms to harvest the wheat and produce flour or they can buy it (all part of natural resources). LABOUR CAPITAL ENTREPRENEUR Entrepreneurs are those individuals who discover market needs and launch new firms to meet those needs. Entrepreneurship has to do with creating and building something of value from practically nothing in the midst of uncertainty and risk, and having determination to succeed against all odds. Entrepreneurship plays a role in helping both developed and developing countries to grow. Albany breads are the most popular bread in South Africa owned by the Tiger group, which uses a BEE strategy and is owned by black partners and the Brimstone Investment Corporation. It also aims to sell a 10% stake in the company (which is worth about R2,8 billion) to black participants. Albany’ s major competitors are Sasko and Blue ribbon 2 3 CONCLUSION In Albany bakery the four factors of production plays an important role in the production of goods and services, Sometime one can play a role with all four factors of production and rewarded accordingly as quotes illustrate * â€Å" The company pays me rent for using two rooms in my house as office space† Land * â€Å"As manager I get my monthly salary from the company Labour * â€Å"I get interest from company as I gave them loan when they started the company† Capital â€Å"As shareholder in the company I must make sure that profits are made so that I can be happy at the end of the year† Entrepreneurship Based on the information that has been discussed above about the four factors of production in Albany bakery, today it offers the most comprehensive range of breads in South Africa. The is a range for every family, and something for every individual’s tastes, and Albany invites e veryone including you to†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦FEEL THE FRESHNESS!!!! 4 Glossary of terms Routing- delivery according to scheduled sequence Bibliography 1. Entrepreneurship A South African Perspective, 2nd edition(2004) by Gideon Niema amp; Cecile Nieuwenhuizen 2. Introduction to business management Fresh perspectives, Stephne Botha and Sandra Musengi, 1st published 2012 3. www. alpacocatequip. co. za/Bakery-equipment 4. The Baker volume 14 number 5, Bread production – what goes on behind the scenes 5. Oxford Advanced Learners dictionary, 6th edition 6. Website: Albany Bakeries