Advertisements
Advertisements
प्रश्न
Define production.
उत्तर
Production means creation of 'material goods' only. For example, if a farmer is growing wheat, we will say the farmer is producing wheat. Likewise, if a carpenter is making a table, it will be said that the carpenter is producing table. Adam Smith, 'the Father of Economics', has defined production in this sense. According to him, "Production means production of material goods only."
APPEARS IN
संबंधित प्रश्न
Primary factors are
Derived factors are ______ and ______.
What are the factors of production?
Entrepreneurship is otherwise called ______.
The reward of an entrepreneur is in the nature of ______.
Define capital.
What do you understand by the term 'Capital formation'?
The Indian labour suffers from low efficiency. Explain your answer with three reasons for low efficiency of Indian labour.
Tick the one which does not belong to the following group.
Match the following:
| Factor of Production | Characteristic |
| A. Land | (i) Subject to depreciation |
| B. Mannual labour | (ii) Risk and Bearing |
| C. Capital | (iii) Permanent |
| D. Entrepreneur | (iv) Involves physical work |
Choose the correct alternative:
