Factors Of Production Flashcards
Long. What is meant by factors of production? Describe the relative importance factors of production
What is meant by land? Describe the characteristics and importance of land What is meant by productivity of land? Describe the factors of productivity land.
Describe the meaning of labour. Describe the importance and characteristics labour
What is meant by productivity of labour? Give the factors of productivity labour
Describe the meaning of capital. Describe the importance and functions capital
What is meant by productivity of capital? Describe the factors of productivity capital.
Describe the meaning of organisation ant its functions too.
Q.1:
What is meant by factors of production?
The factors which man requires to produce commodities of his need are called factors of production. They are the following four:-
# Capial
Labour
(iv) Organization.
0.2:
What is meant by land?
Land is the first basic factor of production. It does not mean the surface of land on which we walk or live. It includes every thing which is gifted us free by nature e.g. mountains, forests, rivers, oceans, climate, rain and minerals, such as iron, coal, petrol etc.
State the meaning of labour.
Ans:
Q.4:
Labour is second factor of production. Labour means mental or physical work undertaken for reward. Labour can be mental or physical. For example, teaching, work by a clerk and treatment by a doctor are mental work. Quite contrary to that, the work done by a labour, carrier, farmer, and carpenter is physical work. The condition for labour is that it is done for wages whether they are in the form of money, goods or grains.
What is meant by capital?
Ans:
Q.5:
Capital is third factor of production. It means that part of income or wealth which is spent to produce more. wealth or increase income e.g., machines, equipments, raw material, factories, roads, railway lines, dams and grid stations etc.
State the meaning of organization.
ADS:
The factor which is needed to produce goods by the combination of land, labour and capital is called organization or entrepreneur. An entrepreneur organizes the system of the whole business. He combines other factors to do work. He pays them rewards and earns profit by selling produced goods. Sometimes he has to bear loss.
2.6: What is meant by productivity of labour?
2.7: What is meant by productivity of capital?
What is meant by productivity of land?
Ans:
2.8: Land is immobile. Explain.
_ns:
303
US:
0.10:
Productivity of labour means the productive power of labourer or power of performance.
Productivity of capital means power of production or power of performance of capital. If production increases to great extent with the help of capital, its productivity will be high and vice versa.
Productivity of land means the power or capacity of production of land. The more fertile piece of land gives more production and its productivity is high. While the less fenile hid, gives less production and its productivity is also low.
Ins:
What is meant by production of wealth?
0.11:
Production of wealth means the production of such goods and services which have following three characteristics:-
• (i) Utility
(ii) Scarcity
(iii) Transferability
Write four characteristies of land.
0.12:
Ans:
Write four points of importance of land.
0.13: Write four factors of productivity of land.
Ans:
Q.14:
Following are four characteristics of land:
ABS:
(i)
Land is a free gift of nature.
(ii)
Its supply is limited.
All the pieces of land are not equal in fertility.
(iv)
Geographically, there is no mobility in land.
Following are four points of importance of land: (i)
We get our food from land.
(iT)
We build our houses, shops, offices, factories and markets on land.
(iii) We get various kinds of minerals from under ground mines. (iv)
Means of energy e.g. coal, gas and oil are also found in land.
Following are four factors of Productive of land:
(1)
(i) Natural factors i.e. natural characteristics. (ii) Water
(ili) climate.
(2)
Human resources.
(4). Mans of Transportation
Supply of capital.
Write importance of labour in the words of prof Marshall.
Ans:,
Q.15: Write four characteristics of labour.
Ans:
Q.16: Write four factors influencing productivity of labour.
A barren piece of land entrusted to an active and hard working man will become paradise while a fertile piece of land in the possession of a lazy man will become a desert:
Following are four characteristics of labour:
Labour and labourer cannot be separated.
(ii)
Labour cannot be stored.
(iii)
Bargaining power of labourer is weak.
(iv) Productivity of different labourers is different.
Ful owing are four factors influencing productivity of labour: (i)
Physical health of the labourers (ii) Moral qualities of the labourers Hereditary qualities of the labourers
(iv) Conditions of the work.
Write four points of importance of capital.
Ans:
Q.18: Write four factors Influencing productivity of capital.
Ans:
Q.19:
Following are four points of importance of capital:
Development of agriculture depends on the use of latest machinery and inputs.
Industrial development depends on the supply of capital.
Discovery of various minerals and their attainment depends on machines.
Productivity of labourers increases many times when they produce goods with the help of latest machines and tools.
Following are four factors influencing productivity of capital:
Combination of capital with other factors.
(ii
Trained labour
Proper use of capital. (iv) Nature of raw material.
Write imporiance of organisation.
Ans:
Q.20: Write four functions of organisation.
Ans:
Importance of organization: Prof Stonier and Hague writes about the importance of organisation.
“The basic difference between entrepreneur and other factors of production
• is that land, labour and organization can be hired while organization cannot be hired”.
Following are four functions of organization: (i)
Planning of business.
(ii)
To attain best combination of factors of production.
To manage the business.
(iv)
To make payment of rewards to other factors of production.
