Chapter 7 - Factors Of Production Economics Solutions for Class 12 Commerce Economics.

Chapter 7 - Factors Of Production

Economics Solutions for Class 12 Commerce Economics. 

Fill in the blanks with appropriate alternatives given in the brackets

Match the following

State whether the following statements are TRUE and FALSE.

1. Demand for labour is direct demand.

2. Labour and labourer are inseparable.

3. Labour cannot be stored.

4. Capital is a natural factor of production.

5. Land is a free gift of nature.

Define or explain the following concepts:

1. Entrepreneur

2. Variable capital

3. Labour

4. Land

5. Capital

Give reasons or explain:

1. The entrepreneur is called a leader of the organisation.

2. Labour cannot be stored.

3. The supply of land is inelastic.

4. Raw material is considered as a variable capital.

Distinguish between the following:

1. Land and capital

2. Fixed capital and variable capital

3. Insurable risk and non-insurable risk

4. Labour and entrepreneur

Write short notes on the following:

1. Qualities of an entrepreneur

2. Types of capital

Answer the following questions.

What are the peculiarities of land?

What are the features of labour?

What are the features of capital?

State with reasons whether you agree or disagree with the following statements.

Profit is a reward for bearing risk only.

Labour is a perishable factor of production.

All risks are insurable.

Supply of land is fixed.

Answer in detail

Entrepreneur is the 'captain of industry', explain.

Explain in detail the functions of an entrepreneur.