Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE chapter 1 - Factors of Production [Latest edition]

Factors of production are ______.

______ is not a primary factor of production.

Choose the correct term for the given definition. 'An activity which creates an economic value'.

Which of the following is not a characteristic feature of land?

Identify the correct statement from the following.

______ is a produced means of production.

Identify the incorrect statement from the following:

Advantage of division of labour to the workers.

When the same work is done by two or more persons it is called ______.

______ is an example of the geographical division of labour.

______ is not a disadvantage of division of labour.

______ are examples of physical capital.

Which of the following is not a function of an entrepreneur?

______ is a durable producer's good.

______ is a process of adding to the stock of human capital.

______ is a cause behind low rate of capital formation in India.

Capital as a factor of production.

______ is a person who starts a business.

______ is the most important and specific function of an entrepreneur.

______ is one of the three stages of capital formation.

Identify the correct statement from the following:

The productive capacity of a worker is called as ______.

Which of the following are considered as factors of production?

When production of goods is divided into several processes, it is known as ______.

Efficiency of labour is low in India due to ______.

The demand for labour is ______.

Capital earns ______ as a factor income.

There are more possibilities of inventions under ______ of labour.

______ earns income in the form of profit as a factor of production.

Capital as a factor of production is ______ in nature.

Land is an ______ factor of production.

Which of the following is not a characteristic of land?

Labourers have ______ bargaining power.

Indian farmers are an example of ______ type of labour.

Labour is a/an ______ factor of production.

The land is fixed in two senses.

______ of labour is related to division of labour.

If a labourer does not work for a day, his one day 's work will be lost forever.

It implies:

Which function of an entrepreneur allows him to decide the reward that each factor of production should get?

______ is subject to depreciation.

The productivity of land is not affected by ______.

Capital is a ______ means of production.

Labour is the only ______ factor of production.

Land is a ______ factor of production.

Land as a factor of production, can earn income in the form of ______.

______ of labour is advantages to workers as it increases their efficiency, mobility and saves their time and tools.

Capital formation cannot occur unless there is ______.

Labourers get ______ for the task they perform, whereas entrepreneurs hope to get ______ for the risk they take in a business.

A network of good entrepreneurs will help to generate ______.

As land cannot produce anything by itself, therefore it is called a ______ factor of production.

Creation of savings is the ______ stage of formation.

Labour earns ______ as a factor of production.

The concentration of cotton textile industries in Maharashtra and Gujarat are due to ______ based division of labour.

If ______ is used again and again, its value depreciates gradually.

______ should have the quality of farsightedness.

A farmer in Punjab transports wheat from the farm to a flour mill. Is this activity considered as production? Why?

What is the land in Economics?

Give two characteristic features of land as a factor of production.

Mention two ways by which land differs from other factors of production.

Land is one of the most important factors of production. In this context, mention two ways in which the efficiency of land can be enhanced?

Improved technology affects the productivity of land. Explain this statement with the help of suitable examples.

Explain briefly two factors affecting the productivity of the land.

Define the term labour as a factor of production.

How is land different from labour?

Define capital.

Define the term ‘Entrepreneur’.

State two functions of land as a factor of production.

Explain four important characteristics of labour as a factor of production.

Explain two factors on which the supply of labour depends.

How is the supply of labour different from the supply of other goods?

Explain any two characteristics of capital.

Define simple division of labour.

What kind of division of labour do we see in the automobile industry?

How does division of labour help in production?

Explain three causes of low efficiency of labour in India.

Mention two ways by which efficiency of labour can be improved.

State Distinguish between the simple division of labour and complex division of labour?

Define 'efficiency of labour'.

Which of the following is considered as labour in economics? Give a reason to support your answer.

1. A professor working in a college.
2. A social worker serving in an orphanage.

Mention two ways by which producers benefit from the division of labour.

Mention two ways by which a worker benefits from the division of labour.

Give two limitations of a division of labour.

Division of labour is not an unmixed blessing. Give one reason.

Mention two functions of capital.

Using suitable examples, classify capital into fixed capital and circulating capital.

Distinguish between sunk and floating capital. Give an example of each.

Is a motor car owned by a doctor circulating capital or fixed capital? Give two reasons to support your answer.

Identify the form of capital given below. Give a reason for your answer.

Steel

Identify the form of capital given below. Give a reason for your answer.

Government Bonds

Differentiate the following with examples:

Real capital and debt capital

Which form of capital, money capital or real capital, has a greater impact on national output?

What is the meaning of capital formation?

Explain two factors on which the capital formation of a country depends.

Which is the only factor of production that earns profits? Why?

Both labour and entrepreneur are human factors of production. Is there any difference between them? Explain any two such differences.

Which is the only factor of production that earns profits? Why?

Distinguish between an entrepreneur and an organiser.

All capital is wealth but all wealth is not capital. Explain why all wealth is not capital.

Explain in brief, the characteristics of land with respect to its supply and use.

State two differences between labour services provided by a surgeon and a farmer.

Distinguish between stocks of capital goods and capital formation using a suitable example.

State two ways through which an entrepreneur contributes towards economic development.

State any two differences between an entrepreneur and other factors of production.

Explain three causes of low capital formation in India.

The income earned by an entrepreneur is residual in nature. Explain.

Define land.

Explain the meaning of land as a factor of production.

Define land.

Explain four characteristics of land as a factor of production.

Explain any three factors that affect the productivity of the land.

Explain four characteristics of land as a factor of production.

Define labour.

Explain four important characteristics of labour as a factor of production.

With the help of a suitable example, explain the meaning of geographical or territorial division of labour.

Discuss any three advantages of the division of labour.

Mention two ways by which a worker benefits from the division of labour.

Explain briefly the meaning of efficiency of labour.

State four factors which determine the efficiency of labour.

Define 'efficiency of labour'.

Explain two ways in which labour is different from capital.

With respect to the efficiency of labour answer the question that follow.

On what basis can the efficiency of labour be measured?

State four factors which determine the efficiency of labour.

Mention two ways by which efficiency of labour can be improved.

What is meant by the efficiency of labour?

Explain three causes of low efficiency of labour in India.

Give any five differences between product and process-based division of labour.

Explain any two characteristics of capital.

Mention two functions of capital.

Define capital formation.

Explain three important stages of capital formation.

What is an entrepreneur?

Discuss the three functions of an entrepreneur.

State one important function of capital.

Differentiate between:

Capital and wealth

Differentiate between:

Capital and income

Distinguish between the following:

Land and capital

Define human capital.

Explain three causes of low efficiency of labour in India.

Discuss the risk-bearing functions of an entrepreneur.

Most of the functions of an entrepreneur are performed by paid professionals. With a suitable example, explain the following function performed by an entrepreneur:

Uncertainty Bearing

Most of the functions of an entrepreneur are performed by paid professionals. With a suitable example, explain the following function performed by an entrepreneur:

Innovations

Discuss the decision-making function of an entrepreneur.

Define the term ‘Entrepreneur’.

Discuss three ways by which an entrepreneur promotes economic growth.

With respect to division of labour, state the following:

An example of vertical division of labour.

With respect to division of labour, state the following:

An example of horizontal division of labour.

With respect to division of labour, state the following:

Two advantages to the producers.

With respect to division of labour, state the following:

Two disadvantages to the workers.

Explain three causes of low capital formation in India.

Define capital formation.

Explain three causes of low capital formation in India.

Mention five qualities of a good entrepreneur.

Define capital.

Differentiate the following with examples:

Real capital and debt capital

Differentiate the following with examples:

Money capital and sunk capital

Discuss the risk-bearing functions of an entrepreneur.

Discuss the decision-making function of an entrepreneur.

Define land.

Land is heterogeneous in nature. Explain.

State two functions of land as a factor of production.

What is the meaning of the productivity of land?

Explain four characteristics of land as a factor of production.

Improved technology affects the productivity of land. Explain this statement with the help of suitable examples.

Briefly explain two methods that increase land productivity.

Land is one of the most important factors of production. In this context, mention two ways in which the efficiency of land can be enhanced?

How is land as a factor of production differ from any other factor of production?

What is meant by the efficiency of labour?

Explain three causes of low efficiency of labour in India.

What do you mean by factors of production?

What are the four basic factors of production?

State two differences between labour services provided by a surgeon and a farmer.

Give two limitations of a division of labour.

Define simple division of labour.

Define capital.

Explain any two characteristics of capital.

Mention two functions of capital.

Distinguish between fixed capital and working capital.

Explain any two characteristics of capital.

Distinguish between stocks of capital goods and capital formation using a suitable example.

Define the term 'floating capital'.

Give an example of floating capital.

What is an entrepreneur?

Discuss the three functions of an entrepreneur.

Distinguish between an entrepreneur and an organiser.

'Entrepreneur is not labour even though there are human factors associated with the same business'. Explain.

The income earned by an entrepreneur is residual in nature. Explain.

Explain the importance of an entrepreneur.

Mention five qualities of a good entrepreneur.

"Entrepreneurs are innovators" said Schumpeter. Explain briefly.

'An entrepreneur is an organiser but an organiser need not be an entrepreneur'. Explain.

Distinguish between real capital and money capital.

Which of the two is more important in economic growth (higher impact on national income) real capital and money capital?

Distinguish between sunk and floating capital. Give an example of each.

Using suitable examples, classify capital into fixed capital and circulating capital.

Define land.

Explain four characteristics of land as a factor of production.

Define 'efficiency of labour'.

State four factors which determine the efficiency of labour.

Define the division of labour.

Discuss any three advantages of the division of labour.

Define labour.

Explain four important characteristics of labour as a factor of production.

With respect to division of labour, state the following:

An example of vertical division of labour.

With respect to division of labour, state the following:

An example of horizontal division of labour.

With respect to division of labour, state the following:

Two advantages to the producers.

With respect to division of labour, state the following:

Two disadvantages to the workers.

Differentiate between mental and physical labour.

State four ways in which the division of labour will influence production in an economy.

With respect to the efficiency of labour answer the question that follow.

On what basis can the efficiency of labour be measured?

State four factors which determine the efficiency of labour.

Mention two ways by which efficiency of labour can be improved.

Explain any two characteristics of capital.

Define capital formation.

Explain three causes of low capital formation in India.

Define capital formation.

Explain three important stages of capital formation.

Explain how capital is a produced means of production.

Explain three causes of low capital formation in India.

Discuss any two suggested remedies for low capital formation in India.

Discuss three ways by which an entrepreneur promotes economic growth.

Classify the following capital goods:

Machines

Classify the following capital goods:

Cotton yarn

Classify the following capital goods:

Oil mill

Classify the following capital goods:

Bridge

Differentiate between an entrepreneur and labourer on the basis of the nature of work.

Differentiate between an entrepreneur and labourer on the basis of the nature of risk involved.

State any two differences between an entrepreneur and other factors of production.

Mention five qualities of a good entrepreneur.