CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Factors of Production
Factors of Production Video Lecture | Business Economics for CA Foundation
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FAQs on Factors of Production Video Lecture - Business Economics for CA Foundation
| 1. What are the main factors of production in economics? |  |
Ans. The main factors of production in economics are land, labor, capital, and entrepreneurship. Land refers to all natural resources used in the production process, labor is the human effort involved, capital includes tools and machinery used for production, and entrepreneurship involves the skills and risk-taking ability to combine these factors to create goods and services.
| 2. How do factors of production influence economic growth? | |
Ans. Factors of production influence economic growth by determining the capacity and efficiency with which goods and services are produced. An increase in the quantity or quality of these factors can lead to higher productivity, innovation, and output, thereby stimulating economic growth and improving living standards.
| 3. What is the role of entrepreneurship in the factors of production? | |
Ans. Entrepreneurship plays a crucial role in the factors of production as it involves the organization and management of other factors to create goods and services. Entrepreneurs identify market opportunities, take risks, and innovate, driving economic development and job creation while effectively utilizing land, labor, and capital.
| 4. Can factors of production be substituted for one another? | |
Ans. Yes, factors of production can sometimes be substituted for one another, depending on the technology and methods used in production. For example, in some cases, advanced machinery (capital) can replace manual labor, but this substitution may not always be possible or efficient, as each factor has its unique strengths and contributions to the production process.
| 5. How do changes in the factors of production affect prices? | |
Ans. Changes in factors of production can significantly affect prices. If the supply of a factor, such as labor or raw materials, decreases, production costs may rise, leading to higher prices for goods and services. Conversely, an increase in the efficiency or availability of these factors can lower production costs, resulting in lower prices for consumers.
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Dec 20, 2024 Last updated |
Video Description: Factors of Production for CA Foundation 2024 is part of Business Economics for CA Foundation preparation.
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Video Lecture & Questions for Factors of Production Video Lecture | Business Economics for CA Foundation - CA Foundation full syllabus preparation | Free video for CA Foundation exam to prepare for Business Economics for CA Foundation.
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