Podcast
Questions and Answers
What type of resources does land include?
What type of resources does land include?
- Only minerals and oils
- Fish, shells, minerals, oils, cash crops, and water (correct)
- Cash crops and water
- Only fish and shells
What does labor refer to in the context of production?
What does labor refer to in the context of production?
- Human effort used in production (correct)
- Real estate properties
- Physical assets like machinery
- Investment in setting up a business
Which of the following is considered a real asset in production?
Which of the following is considered a real asset in production?
- Schools and offices (correct)
- Cash crops
- Water
- Fish and shells
What does entrepreneurship involve in the context of business?
What does entrepreneurship involve in the context of business?
Which category of resources includes factors like minerals and oils?
Which category of resources includes factors like minerals and oils?
Explain the role of land resources in production.
Explain the role of land resources in production.
What are real assets in the context of production and give examples?
What are real assets in the context of production and give examples?
Discuss the significance of labor in the production process.
Discuss the significance of labor in the production process.
Define entrepreneurship and explain its role in business.
Define entrepreneurship and explain its role in business.
How do land, labor, and capital collectively contribute to the production process?
How do land, labor, and capital collectively contribute to the production process?
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Study Notes
- Land is a natural resource used in production, including the land itself, resources like minerals and oils, and things that grow on the land such as cash crops.
- Labour refers to human effort used in production.
- Capital includes real assets like machinery, tools, factories, schools, and offices.
- Entrepreneurship involves the person who takes on the risk of setting up a business.
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