What are the four main factors of production in economics?

The four main factors of production are land, labour, capital, and entrepreneurship.

Fill in the blank: 
Land in economics refers to all natural resources, including ___ and ___.

Soil and minerals

True or False: 
Labour only refers to physical effort in production.

False. Labour includes both physical and mental effort.

How does technology impact the production process?

Technology improves efficiency and allows businesses to produce more with the same or fewer resources.

What is meant by 'human capital' in the context of production?

Human capital refers to the skills, knowledge, and expertise that individuals possess.

Fill in the blank: Entrepreneurs are responsible for identifying problems and finding ___ solutions.

Innovative

Which factor of production is directly responsible for the physical and mental efforts in creating goods? 
A) Land 
B) Labour 
C) Capital 
D) Technology

B) Labour

What role does education play in enhancing human capital?

Education provides individuals with knowledge and skills necessary for effective participation in the workforce.

True or False: 
The responsibility of businesses towards factors of production includes ensuring fair worker treatment.

True.

How does the combination of land, labour, capital, and entrepreneurship lead to the production of goods?

These factors work together, where each complements the others to create efficient production processes.

Fill in the blank:
The concept of _____ which emphasises continuous improvement, originates from Japanese culture.

Kaizen

What is the significance of Corporate Social Responsibility (CSR) in modern business practices?

CSR requires businesses to act ethically, protect the environment, and support community welfare.

What are the four main factors of production, and how do they interrelate to create goods and services?

Four factors create goods and services.

• Land provides natural resources.

• Labour involves human effort.

• Capital includes financial assets.