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Question
Read the following extract and answer the questions that follow.
| Ramchander is a farmer who owns 10 hectares of land along with a tractor and a pump-set for irrgation. He hires Tejpal, Savita and Dinnanath to cultivate his land. |
- What are the four primary factors of production? Name them.
- Who Ramchander or Tejpal is an Entrepreneur and why?
Short Answer
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Solution
a. Four Primary Factors of Production are:
- Land
- Labour
- Capital
- Entrepreneurship
b. Ramchander is an entrepreneur because he combines all the other three factors - land labour and capital together and bears risks involved in the production process.
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