VII T1 SS Production Textbook Solutions

 


Economics

UNIT – 1 PRODUCTION

I. Choose the correct answer:

1. Production refers to __________.

Ans:b) creation of utilities

2. Utilities are in the nature of ____________.

Ans: d) all of these (form utility, time utility, place utility)

3. Primary factors are ________.

Ans: c)land, labour

4. The entrepreneur is also called ________.

Ans:c) organizer

II. Fill in the blanks

1. Utility means want satisfying power of a product.

2. Derived factors are Capital and Organisation.

3. Land is a fixed in supply.

4. Labour is the human input into the production process.

5. Capital is the man made physical goods used to produce other goods and services.


III. Match the following:

1. Primary production - Entrepreneur

2. Time utility - Education, health

3. Wealth of nation - Adamsmith

4. Human capital - Fishing, mining

5. Innovator - Stored for future

IV. Give short answer:

1. What is production?

Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption (the output).

2. What is utility?

Utility means want satisfying power of a product.

3. Name the types of utility.

  • Form utility

  • Place utility

  • Time utility

4. Name the types of production.

  •  Primary production

  •  Secondary production

  •  Tertiary production

5. What are the factors of production?

Factors of production are 

(i) Primary factors of production 

  • Land 

  • Labour

(ii) Secondary factors of production.

  •  Capital

  •  Organisation

6. Define Labour.

Alfred Marshall defines labour as, ‘The use of body or mind, partly or wholly, with a view to secure an income apart from the work.

7. Define Division of labour.

Division of labour means dividing the process of production into distinct and several component process and assigning each component in the hands of labour or a set of labourers, who are specialists in that particular process.

8. Write the forms of capital.

  • Physical Capital or Material Resources, Ex. Machinery, tools, buildings, etc.

  • Money capital or Monetary resources, Ex. Bank deposits, shares and securities, etc

  • Human capital or Human Resources, Ex. Investments in education, training and health

9. Who is the changing agent of the society?

In modern times an entrepreneur is called the changing agent of society.

10.Write the three characteristics of entrepreneur?

  • Identifying profitable investible opportunities

  • Deciding the location of the production unit

  • Making innovations


V. Give brief answer:

1. Explain the types of production?

  • Primary Production

Primary production refers to the state of activity in which natural resources are directly used. Examples: Agriculture, forestry, fishing, mining and oil extraction 

  • Secondary Production

The process of manufacturing products by using primary products as raw materials is known as secondary level production. Examples: Manufacturing of cars, clothing, chemicals, engineering and building etc..

  •  Tertiary Production 

Tertiary production is known as the services which are not visible rendered by

the teachers, doctors etc., are to the economy. Examples: Banking, insurance, education, health and defence etc.. 

2. What is land? What are the characteristics of land?

Land as a factor of production refers to all those natural resources or gifts of nature which is provided freely to man. It includes within itself several things such as land surface, air, water, minerals, forests, rivers, lakes, seas, mountains, climate, and weather. Thus, land includes all things that are not made by man.

Characteristics of land:

  •  Land is a free gift of nature

  •  Land is fixed in supply

  •  Land is imperishable

  •  Land is immovable

  •  Land is a primary factor of production.

  • Land has some original indestructible powers

3. Explain the merits and demerits of division of labour.

Merits of division of labour

  • It improves efficiency of labour when labour repeats doing the same tasks.

  • It leads to the use of modern machinery in production, resulting in inventions. Ex.

  • More’s Telegraphic Codes.

  • Time and raw materials are used very efficiently.

Demerits of division of labour

  • Repetition of the same task makes labourer to feel that the work is monotonous and stale. It kills the humanity in him.

  • Narrow specialization reduces the possibility of labourer to find alternative avenues of employment. This results in unemployment.

  • Reduce the growth of handicrafts and the worker loses the satisfaction of having made a commodity in full

4. Describe the characteristics of capital.

Characteristics of Capital

• Capital is a passive factor of production

• Capital is man-made

• Capital is not an indispensable factor of production

• Capital has the highest mobility

• Capital is more flexibility

• Capital is productive

• Capital Lasts Long

• Capital involves present sacrifice to get future benefits

5. What are the functions of an entrepreneur?

• Identifying profitable investable opportunities

• Deciding the location of the production unit

• Making innovations

• Deciding the reward payment

• Taking risks and facing uncertainties


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