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All questions of Factors of Production for Class 8 Exam
Which ancient Indian practice viewed work as a spiritual expression?- a) Corporate Social Responsibility
- b) Shilpa Shastras
- c) Kaizen
- d) Work as Worship
Correct answer is option 'D'. Can you explain this answer?
Which ancient Indian practice viewed work as a spiritual expression?
a)
Corporate Social Responsibility
b)
Shilpa Shastras
c)
Kaizen
d)
Work as Worship
|
Upsc Rank Holders answered |
The concept of "Work as Worship" in ancient India regarded work as a spiritual offering, emphasizing devotion and perfection in tasks. This belief system highlighted the intrinsic value of work beyond mere economic gain, promoting a culture of dedication and excellence that resonates even today.
What is the primary function of capital in production?- a) To serve as a financial and physical resource for businesses
- b) To provide natural resources for industries
- c) To manage human resources
- d) To facilitate labour training
Correct answer is option 'A'. Can you explain this answer?
What is the primary function of capital in production?
a)
To serve as a financial and physical resource for businesses
b)
To provide natural resources for industries
c)
To manage human resources
d)
To facilitate labour training
|
Alisha Sharma answered |
Primary Function of Capital in Production
Capital plays a crucial role in the production process of goods and services. It encompasses both financial resources and physical assets that businesses utilize to generate profits and sustain operations.
Financial Resource
- Capital serves as the financial backbone for businesses, enabling them to invest in various aspects of production, such as:
- Purchasing machinery and equipment.
- Acquiring raw materials.
- Funding operational expenses.
Physical Resource
- Capital also includes physical assets like buildings, machinery, and tools, which are essential for:
- Enhancing production capacity.
- Improving efficiency in manufacturing processes.
- Ensuring the quality of goods produced.
Investment and Growth
- Adequate capital allows businesses to:
- Expand their operations and reach new markets.
- Innovate and develop new products or services.
- Increase competitiveness in the market.
Risk Management
- Financial capital acts as a cushion against market fluctuations and uncertainties, enabling businesses to:
- Manage risks effectively.
- Sustain operations during downturns.
- Invest in opportunities that arise.
Conclusion
In summary, the primary function of capital in production is to serve as a vital financial and physical resource for businesses. It empowers them to invest, grow, innovate, and manage risks effectively, ultimately leading to sustained success in their respective markets.
Capital plays a crucial role in the production process of goods and services. It encompasses both financial resources and physical assets that businesses utilize to generate profits and sustain operations.
Financial Resource
- Capital serves as the financial backbone for businesses, enabling them to invest in various aspects of production, such as:
- Purchasing machinery and equipment.
- Acquiring raw materials.
- Funding operational expenses.
Physical Resource
- Capital also includes physical assets like buildings, machinery, and tools, which are essential for:
- Enhancing production capacity.
- Improving efficiency in manufacturing processes.
- Ensuring the quality of goods produced.
Investment and Growth
- Adequate capital allows businesses to:
- Expand their operations and reach new markets.
- Innovate and develop new products or services.
- Increase competitiveness in the market.
Risk Management
- Financial capital acts as a cushion against market fluctuations and uncertainties, enabling businesses to:
- Manage risks effectively.
- Sustain operations during downturns.
- Invest in opportunities that arise.
Conclusion
In summary, the primary function of capital in production is to serve as a vital financial and physical resource for businesses. It empowers them to invest, grow, innovate, and manage risks effectively, ultimately leading to sustained success in their respective markets.
Which of the following best describes the role of entrepreneurship in production?- a) It refers to the financial investments made in a business.
- b) It focuses solely on managing human resources.
- c) It includes taking risks to create new products or services.
- d) It involves the use of natural resources only.
Correct answer is option 'C'. Can you explain this answer?
Which of the following best describes the role of entrepreneurship in production?
a)
It refers to the financial investments made in a business.
b)
It focuses solely on managing human resources.
c)
It includes taking risks to create new products or services.
d)
It involves the use of natural resources only.
|
Focus Academy answered |
Entrepreneurship is about identifying opportunities and taking risks to create new products or services that fulfill market needs. Entrepreneurs combine land, labour, and capital to innovate and drive economic growth. This process often leads to job creation and societal benefits through new solutions.
What is one of the key responsibilities of businesses regarding factors of production?- a) To avoid using technology in production
- b) To maximize profits at all costs
- c) To ignore environmental impacts
- d) To ensure fair treatment and safe conditions for workers
Correct answer is option 'D'. Can you explain this answer?
What is one of the key responsibilities of businesses regarding factors of production?
a)
To avoid using technology in production
b)
To maximize profits at all costs
c)
To ignore environmental impacts
d)
To ensure fair treatment and safe conditions for workers
|
Skyhigh Academy answered |
Businesses have a responsibility to treat workers fairly and to ensure safe working conditions. This includes providing adequate training and adhering to labor laws. By doing so, they not only comply with regulations but also contribute to a more sustainable and ethical business environment, fostering loyalty and productivity among employees.
How does technology enhance the production process?- a) By facilitating faster and more efficient production methods
- b) By eliminating the need for capital
- c) By replacing all human labour
- d) By slowing down production speed
Correct answer is option 'A'. Can you explain this answer?
How does technology enhance the production process?
a)
By facilitating faster and more efficient production methods
b)
By eliminating the need for capital
c)
By replacing all human labour
d)
By slowing down production speed
|
|
Skyhigh Academy answered |
Technology improves production efficiency by enabling faster and more effective methods of creating goods and services. It allows businesses to automate processes, reduce waste, and innovate products. For instance, advancements in machinery can significantly upsurge production rates, leading to higher output with the same or fewer resources.
Which of the following is NOT considered a factor of production in economics?- a) Marketing
- b) Technology
- c) Land
- d) Labour
Correct answer is option 'A'. Can you explain this answer?
Which of the following is NOT considered a factor of production in economics?
a)
Marketing
b)
Technology
c)
Land
d)
Labour
|
Riverdale Learning Institute answered |
Marketing is a function that promotes the sale of goods and services, but it is not classified as a factor of production. The main factors of production are land, labour, capital, and entrepreneurship. Understanding these factors helps in analyzing how goods and services are created and the resources required.
Which factor of production encompasses both physical and mental effort in creating goods and services?- a) Capital
- b) Labour
- c) Entrepreneurship
- d) Land
Correct answer is option 'B'. Can you explain this answer?
Which factor of production encompasses both physical and mental effort in creating goods and services?
a)
Capital
b)
Labour
c)
Entrepreneurship
d)
Land
|
|
Riverdale Learning Institute answered |
Labour refers to the human effort, both physical and mental, that is utilized in the production of goods and services. This can include a variety of professions, from manual laborers to highly skilled professionals. The efficiency and effectiveness of labour can significantly influence a business's productivity and success.
What is a demographic dividend?- a) A decrease in the working-age population
- b) A tax benefit for businesses with young employees
- c) A situation where the working-age population is larger than the dependent population
- d) The profit earned from demographic surveys
Correct answer is option 'C'. Can you explain this answer?
What is a demographic dividend?
a)
A decrease in the working-age population
b)
A tax benefit for businesses with young employees
c)
A situation where the working-age population is larger than the dependent population
d)
The profit earned from demographic surveys
|
|
Focus Academy answered |
A demographic dividend occurs when a country has a higher proportion of working-age individuals compared to dependents, which can lead to economic growth. This situation provides an opportunity for increased productivity as more people are contributing to the economy. Countries can capitalize on this by ensuring that these individuals are well-educated and trained.
Why is education and training important for human capital development?- a) It increases the number of unskilled workers.
- b) It equips individuals with the skills needed for effective work.
- c) It focuses only on theoretical knowledge without practical application.
- d) It reduces the need for technology in production.
Correct answer is option 'B'. Can you explain this answer?
Why is education and training important for human capital development?
a)
It increases the number of unskilled workers.
b)
It equips individuals with the skills needed for effective work.
c)
It focuses only on theoretical knowledge without practical application.
d)
It reduces the need for technology in production.
|
|
Upsc Rank Holders answered |
Education and training are crucial for developing human capital as they provide individuals with the necessary skills and knowledge to perform effectively in their roles. This investment in human resources enhances productivity and innovation, leading to better economic outcomes. Countries that prioritize education tend to have a more skilled workforce and higher standards of living.
What does human capital refer to?- a) The total money invested in a business
- b) The skills, knowledge, and abilities of workers
- c) The physical tools used in production
- d) The natural resources available in an economy
Correct answer is option 'B'. Can you explain this answer?
What does human capital refer to?
a)
The total money invested in a business
b)
The skills, knowledge, and abilities of workers
c)
The physical tools used in production
d)
The natural resources available in an economy
|
|
Skyhigh Academy answered |
Human capital encompasses the skills, knowledge, and abilities that individuals possess, which enhance their productivity and effectiveness in the workforce. It is crucial for economic growth and is influenced by education and training. An interesting fact is that countries with higher levels of human capital tend to have stronger economies.
Chapter doubts & questions for Factors of Production - Social Science Class 8 - New NCERT 2025 is part of Class 8 exam preparation. The chapters have been prepared according to the Class 8 exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for Class 8 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
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Social Science Class 8 - New NCERT
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