Podcast
Questions and Answers
Which factor of production is rewarded with rent?
Which factor of production is rewarded with rent?
- Capital
- Entrepreneurship
- Land (correct)
- Labour
Which of these is an example of unskilled labour?
Which of these is an example of unskilled labour?
- Teacher
- Doctor
- Engineer
- Street cleaner (correct)
What type of labour includes the efforts of doctors and lawyers?
What type of labour includes the efforts of doctors and lawyers?
- Seasonal labour
- Skilled labour (correct)
- Unskilled labour
- Manual labour
Which factor of production is primarily associated with human effort in production?
Which factor of production is primarily associated with human effort in production?
What is the primary reward for labour?
What is the primary reward for labour?
Which natural resource is typically extracted from land?
Which natural resource is typically extracted from land?
Which of the following is NOT a factor of production?
Which of the following is NOT a factor of production?
Who provides the factor of production known as labour?
Who provides the factor of production known as labour?
Which of the following correctly describes the reward for the factor of production termed as 'Labour'?
Which of the following correctly describes the reward for the factor of production termed as 'Labour'?
What distinguishes skilled labour from unskilled labour?
What distinguishes skilled labour from unskilled labour?
Natural resources like tin, coal, and crude oil are categorized under which factor of production?
Natural resources like tin, coal, and crude oil are categorized under which factor of production?
Which of the following is NOT a characteristic of the factor of production known as 'Land'?
Which of the following is NOT a characteristic of the factor of production known as 'Land'?
What is a common feature shared by all factors of production?
What is a common feature shared by all factors of production?
Which of the following best describes 'Capital' in terms of the factors of production?
Which of the following best describes 'Capital' in terms of the factors of production?
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Study Notes
Factors of Production
- Production activities require certain factors to be available
- Factors of production are also referred to as agents of production or inputs needed to make production possible
The Four Factors of Production
- Land: natural resources used in production, provided by nature and has economic value
- Examples: tin, coal, gold, crude oil
- Payment for land is known as rent
- Labour: human effort, either physical or mental, used in production
- Two types: skilled and unskilled labour
- Examples of skilled labour: doctors, nurses, teachers, lawyers, engineers, pharmacists
- Examples of unskilled labour: labourers performing manual duties such as road mending and street cleaning
- Reward for labour is known as salaries and wages
- Capital: not explicitly defined in the text, but implied as one of the four factors of production
- Entrepreneur: not explicitly defined in the text, but implied as one of the four factors of production
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