Class 8 Exam > Class 8 Notes > Social Science Class 8 - New NCERT > Unit Test: Factors of Production
Unit Test: Factors of Production | Social Science Class 8 - New NCERT PDF Download
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Question numbers 5 and 6 carry 2 marks each.
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Question numbers 11 and 12 carry 5 marks each.
Q1. Which of the following is NOT considered a factor of production?
(a) Land
(b) Labour
(c) Capital
(d) Currency exchange
Q2. Which of the following best describes ‘labour’ in production?
(a) Only manual physical work is done by workers
(b) The creative ideas of entrepreneurs alone
(c) Both physical and mental efforts contributed by people to produce goods and services
(d) Financial contributions to start a business
Q3. True or False: Education and training help improve human capital by increasing skills and knowledge.
Q4. Entrepreneurship is mainly characterized by:
(a) Investing large sums of money only in the making of a business
(b) Avoiding challenges and being risk-averse to keep the business safe
(c) Initiating new ventures, taking risks, and managing all production factors
(d) Working only in traditional family businesses
Q5. Explain why health is important in developing human capital.
Q6. Name two cultural values mentioned that help improve work quality and productivity in countries like Japan and Germany.
Q7. Describe how ancient Indian craftsmen viewed their work and tools.
Q8. Explain the role of capital in production with examples.
Q9. How does technology enable better production and open new opportunities? Give two examples.
Q10. Discuss how the factors of production are connected and why all are needed for efficient production.
Q11. Describe the responsibilities businesses have towards natural resources and workers when using factors of production.
Q12. Explain the concept of ‘human capital’ and how education and training facilitate its development in the context of India’s young population.
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FAQs on Unit Test: Factors of Production - Social Science Class 8 - New NCERT
| 1. What are the main factors of production? |  |
Ans. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all natural resources used in production, labor encompasses the human effort involved, capital includes the tools and machinery used, and entrepreneurship is the skill and risk-taking ability to combine these factors effectively to produce goods and services.
| 2. How does land contribute to the production process? | |
Ans. Land serves as the foundation for all economic activities. It includes not only the physical space where production occurs but also natural resources such as minerals, forests, and water. These resources are essential for producing goods and services, and their availability can significantly impact the economy.
| 3. Why is labor considered a crucial factor in production? | |
Ans. Labor is crucial because it represents the human effort that goes into producing goods and services. It includes both physical and mental work. The quality and quantity of labor can greatly affect productivity and efficiency, influencing the overall output of an economy.
| 4. What role does capital play in the factors of production? | |
Ans. Capital refers to the tools, machinery, and buildings used in the production of goods and services. It is essential for enhancing productivity, as it allows for more efficient production processes. Investment in capital can lead to technological advancements and increased output.
| 5. How does entrepreneurship differ from the other factors of production? | |
Ans. Entrepreneurship differs from other factors because it involves the ability to innovate, take risks, and combine the other factors of production effectively. Entrepreneurs are responsible for creating new products or services and driving economic growth by identifying opportunities and mobilizing resources to meet market demands.
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