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Question
Which factor of production is not a hired factor?
Options
Land
Labour
Capital
Entrepreneur
Solution
Entrepreneur
Explanation:
The characteristic that sets entrepreneurs apart from other production factors is that, unlike land, labor, and capital, which are all hired factors, entrepreneurs themselves are not hired. Instead, entrepreneurs hire other factors of production.
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Mention two differences between an entrepreneur and other factors of production.
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Which of the following is not a correct match?
Name the factors of production.
Match the following:
| Column I | Column II |
| 1. Factors of production | P. Human resources |
| 2. Land | Q. Man-made resources |
| 3. Capital | R. Economic resources |
| 4. Entrepreneur | S. Natural resources |
Choose the correct alternative:
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:
Why is capital called a 'produced means of Production?
