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Chapters
Chapter 2: Consumer's Behavior
Chapter 3: Demand Analysis
Chapter 4: Elasticity of Demand
Chapter 5: Producer's Behaviour
Chapter 6: Forms of Market and Price Determination Under Perfect Competition
Chapter 7: Factors of Production
Chapter 8: Introduction to Macro Economics
Chapter 9: National Income
Chapter 10: Determinants of Aggregates
Chapter 11: Money
Chapter 12: Commercial Banking
Chapter 13: Central Banking
Chapter 14: Public Economics
Solutions for Chapter 7: Factors of Production
Below listed, you can find solutions for Chapter 7 of Maharashtra State Board Micheal Vaz for Economics HSC 12th Standard Maharashtra State Board.
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 1 [Page 60]
Fill in the blank with appropriate alternative given below
Land is subject to ___________ returns.
increasing
constant
diminishing
negative
Fill in the blank with appropriate alternative given below
______________ is regarded as primary factor of production.
Land
Labour
Capital
Entrepreneur
Fill in the blank with appropriate alternative given below
Capital is a __________ factor of production.
real
artificial
natural
free
Fill in the blank with appropriate alternative given below
Land is a free gift of _______________.
nature
human
foreign
nation
Fill in the blank with appropriate alternative given below
__________ is a leader of organisation.
A capitalist
A consumer
A seller
An organizer
Match the following:
|
Group A
|
Group B
|
| 1. Production |
a. Profit
|
| 2. Land |
b. Captain of industry
|
| 3. Labour |
c. Creating utility
|
| 4. Reward of capital |
d. Rent
|
| 5. Reward of entrepreneur |
e. Interest
|
|
|
f. Wages |
State whether the following statement is TRUE and FALSE.
Demand for labour is direct demand.
True
False
State whether the following statement is TRUE and FALSE.
Labour and labourer are inseparable.
True
False
State whether the following statement is TRUE and FALSE.
Labour cannot be stored.
True
False
State whether the following statement is TRUE and FALSE.
Capital is a natural factor of production.
True
False
State whether the following statement is TRUE and FALSE.
Land is a free gift of nature.
True
False
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 2 [Page 60]
Define or explain the following concept:
Entrepreneur
Define or explain the following concept:
Variable capital
Define or explain the following concept:
Labour
Define or explain the following concept:
Land
Define or explain the following concept:
Capital
Give reason or explain:
The entrepreneur is called a leader of the organization.
Give reason or explain:
Labour cannot be stored.
Give reason or explain:
The supply of land is inelastic.
Give reason or explain:
Raw material is considered as a variable capital.
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 3 [Page 61]
Distinguish between the following:
Land and capital
Distinguish between the following:
Fixed capital and variable capital
Distinguish between the following:
Insurable risk and non-insurable risk
Distinguish between the following:
Labour and entrepreneur
Write short note on the following:
Qualities of an entrepreneur
Write short note on the following:
Types of capital
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 4 [Page 61]
Answer the following question.
What are the peculiarities of land?
Answer the following question.
What are the features of labour?
Answer the following question.
What are the features of capital?
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 5 [Page 61]
State with reason whether you agree or disagree with the following statement.
Profit is a reward for bearing risk only.
State with reason whether you agree or disagree with the following statement.
Labour is a perishable factor of production.
State with reason whether you agree or disagree with the following statement.
All risks are insurable.
State with reason whether you agree or disagree with the following statement.
Supply of land is fixed.
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 7 Factors of Production Exercise 6 [Page 61]
Answer in detail
Entrepreneur is the 'captain of an industry', explain.
Answer in detail
Explain in detail the functions of an entrepreneur.
Solutions for Chapter 7: Factors of Production
Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board chapter 7 - Factors of Production
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Concepts covered in Economics HSC 12th Standard Maharashtra State Board chapter 7 Factors of Production are Factors of Production - Land, Factors of Production - Labour, Factors of Production - Capital, Factors of Production - Feature of Capital, Factors of Production - Organisation.
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