Question

& White
entrepreneur
V. Give brief answer
1. Explain the types of production
2. What is land? what are the characteristics of
lande?
3. Explain the merits and demerits of division
of labour
4. Describe the characteristics of capital​

Answer 1

Answer:

In this section, we are going to know the factors of production. ... 1 Verified answer ... They are the inputs for the process of production. ... Characteristics of Land as a Factor of Production ... No two types of labour are the same. ... An entrepreneur is a person who brings other factors of production in one place. ... Solution: iii.

Explanation:

Answer 2

Answer:

1.)))Production is about creating goods and services. Managers have to decide on the most efficient way of organising production for their particular product.

There are three main types of production to choose from:

◾Job production, where items are made individually and each item is finished before the next one is started. Designer dresses are made using the job production method.

◾Batch production, where groups of items are made together. Each batch is finished before starting the next block of goods. For example, a baker first produces a batch of 50 white loaves. Only after they are completed will he or she start baking 50 loaves of brown bread.

◾Flow production, where identical, standardised items are produced on an assembly line. Most cars are mass-produced in large factories using conveyor belts and expensive machinery such as robot arms. Workers have specialised jobs, for instance, fitting wheels.

2.)))In economics, the word 'land' is defined to include not only the surface of the earth but also all other free gifts of nature. For instance, mineral resources, forest resources and, indeed, anything that helps us to carry out the production of goods and services, but is provided by nature, free of cost.

3.)))Division of Labour:

It means division of work into different part or processes which are performed by one or group of workers according to their ability and aptitude. A good example of division of labour is found in mass scale production factory, where workers are classified according to the nature of work performed by them, e.g. Foreman, Chargeman, Technician, Electrician etc

Division of labour is of four kinds:

(i) When there is complete division of jobs among differ­ent members of a community, it is called simple division of labour,

(ii) When the work is divided into a number of processes in such a way that each worker does one process only, it is called complex division of labour,

(iii) When due to one reason or the other a particular area specialises in a type of labour, we call it territorial division of labour,

(iv) When different countries produce things of their specialisation, we call it as international division of labour.

merits of Division of Labour:

1. Each worker specialises in a particular type of work, therefore, efficiency increases.

2. Since each worker performs the same work again and again, therefore, there is im­provement in skill.

3. It results in greater production.

4. It becomes possible to do work quickly and efficiently without putting much strain on workers and industry

5. Intelligent persons can make inventions in their field of specialisation.

6. Division of labour at international level has made international trade possible.

7. Increased production through division of labour increases national wealth.

Demerits of Division of Labour:

1. Since a worker is required to do the same work again and again, hence he becomes dull.

2. It divides the responsibility for which there are more chances of shifting.

3. It hinders the mobility of labour.

4. If operations in one department are stopped, then whole of the industry suffers.

4.))) Characteristics of capital are:-

a) Man produces capital: Capital is needed for production. Capital is the result of human efforts.

b) Capital is a passive factor of production: Capital cannot produce without the active help of the labour.

c) Capital is the produced means of the production: Capital refers to the wealth which cannot be produced automatically. It is supplied because of the joint efforts of land and labour.

d) Capital depreciates: With the use of capital, the value of capital depreciates or loses its value.

Explanation:

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