Factors of Production
Short Questions
1. What are the factors of production?
Answer :- Land, labour, capital, and entrepreneurship.
2.What does ‘land’ include in economics?
Answer :- Natural resources like soil, water, and minerals.
3.What is labour in production?
Answer :- Physical and mental effort used to produce goods.
4.What is human capital?
Answer :- Skills, knowledge, and abilities of people.
5.What is capital in economics?
Answer :- Money and assets like machinery used in production.
6.What does an entrepreneur do?
Answer :- Starts a business and combines production factors.
7.What is technology in production?
Answer :- Scientific knowledge used to make goods or services.
8.Name one facilitator of human capital.
Answer :- Education.
9.What is the adult literacy rate for males in India (2023)?
Answer :- 85%.
10.What is a demographic dividend?
Answer :- When a country benefits from a large working population.
11.What is kaizen?
Answer :- A Japanese concept meaning continuous improvement.
12.What is a startup?
Answer :- A new business aiming for rapid growth using technology.
13. What is a dividend?
Answer :- Money paid to shareholders from company profits.
14. What is Corporate Social Responsibility (CSR)?
Answer :- Companies spending on social and environmental benefits.
15. Name one ancient Indian skill mentioned in the text.
Answer :- Stitched shipbuilding.
Long Questions
1. How are the factors of production interconnected?
Answer :- Factors like land, labour, capital, and entrepreneurship work together to produce goods. If one is missing, production may stop or become less efficient.
2.Why is education important for human capital?
Answer :- Education gives people knowledge and skills to work better. It helps them solve problems and be more productive.
3.How does technology help in production?
Answer :- Technology makes work faster and easier, like using UPI for payments. It improves efficiency and reduces costs.
4.What challenges does India face in developing human capital?
Answer :- Issues like low literacy rates and lack of skills training slow progress. Many people need better education and healthcare.
5.How does entrepreneurship contribute to society?
Answer :- Entrepreneurs create new products and jobs, solving problems. They improve lives and support economic growth.
6.What is the role of capital in starting a business?
Answer :- Capital provides money and tools needed for production. Without it, businesses cannot buy resources or equipment.
7.Why is it important to use natural resources responsibly?
Answer :- Overusing resources can harm the environment, like polluting rivers. Responsible use ensures resources for future generations.
8.How does healthcare improve human capital?
Answer :- Good health helps people work better and learn more. Healthy workers are more productive and miss less work.
9.What can businesses do to support their workers?
Answer :- Businesses can pay fair wages and provide safe workplaces. They should also offer training to improve skills.
10.How did J.R.D. Tata contribute to India’s growth?
Answer :- J.R.D. Tata built businesses like Tata Airlines and cared for workers. His work helped India grow industrially and socially.
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