RATIONALE

Human beings have various needs in life for their survival and comfort. These needs are either goods or services which have to be created i.e produced. Its well known that no individual can produce all that he/she needs in life because of different skills, abilities, talents and also because of limited resources. Thus, one can produce what he/she is able to; either for own consumption and incase there is extra, then it can be taken to the market to be sold and then get what is needed but not able to produce. Hence, this necessitates the need to understand the types of production.