Long Answer type questions:
1. Define land and state its 4 features.
2. What is labour and state its 4 features.
3. What is enterprise and explain its 4 features
Answers
Answer:
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.In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.Enterprise IT, also known as enterprise-class IT, is hardware and software designed to meet the demands of a large organization. In comparison to consumers and small companies, an enterprise has greater requirements for availability, compatibility, reliability, scalability, performance and security, among other things.
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Answer:
Look around yourself. What will you see? Tables, chairs, other furniture, doors, television, wardrobe, and so many other manmade things. Does it ever come to your mind how are these things made? How is the iron chair made? How is the wooden table made? You know that wooden furniture is made up of wood. How can one get wood? Of course from trees. The iron chair was first a piece of iron. But how is that chair gets its shape? These woods and iron are some factors of production. These are the raw materials which finished themselves into final goods like chairs and tables. In this section, we are going to know the factors of production.