(English Medium) ICSE Class 10 - CISCE Question Bank Solutions for Economic Applications

How does the presence of banks help in capital formation?

What do you mean by factors of production?

What are the four basic factors of production?

Define the term market.

According to 'Adam Smith' production means production of material goods only.

Choose the correct term for the given definition.

Any activity which creates present and future utility.

Land is hetrogeneous because ______.

1. It varies in fertility
2. It varies in productivity
3. It varies in density of population

Read the following statements carefully and choose the correct alternative:

Assertion (A): Land is a passive factor of production.

Reason (R): Capital is subject to depreciation.

Read the following statements carefully and choose the correct alternative:

Assertion (A): Labour is perishable.

Reason (R): Capital is an active factor of production.

Explain the meaning of production.

With the help of an example, explain the process of creation of form utility.

Give two characteristic features of land as a factor of production.

Land can be destroyed by man.

Land is mobile

Land is a free gift of nature.

Supply of land is unlimited.

Why is land considered a passive and an indestructible factor of production.

Name the factor of production whose supply is fixed.

What is regarded as a factor of production and why?

Briefly explain why labour is considered to be the means and end of production.