Evaluation
I. Choose the correct
answer
1.
Production refers to
a) destruction of utility
b) creation of utilities
c) exchange value
d) none of these
Answer: b. creation of utilities
2.
Utilities are in the nature of
a) form utility
b) time utility
c) place utility
d) all of these
Answer: d. all of these
3.
_______ is carried out by extractive
industries.
a) secondary production
b) primary production
c) tertiary production
d) service production
4.
Primary factors are
a) land, capital
b) capital, labour
c) land, labour
d) none of these
Answer: c. land, labour
5.
The entrepreneur is also called
a) exchanger
b) Agent
c) organizer
d) communicator
Answer: 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 - Adamsmith
2. Time utility - fishing, mining
3. Wealth of nation - eentrepreneur
4. Human capital - stored for future
5. Innovator - education, health
Answer: 1) fishing,
mining 2) stored for future 3) Adam Smith 4) education, health 5) entrepreneur
Primary production : fishing,
mining
Time utility : stored for
future
Wealth of nation : Adam
Smith
Human capital : education,
health
Innovator : entrepreneur
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). It
is the act of creating an output, a good or service which has value and
contributes to the utility of individuals.
2.
What is utility?.
Utility means want satisfying power of a product. Utilities are
in the nature of form utility, time utility and place utility.
3.
Name the types of utility.
Form utility, Place utility, Time utility.
0.
Name the types of production.
4.
What are the factors of production?
1. Primary Factors and
2. Derived Factors.
Primary factors are land and labour. These are naturally given
and without them no goods can be produced.
Derived factors are Capital and Organization. These derived
factors, when combined with the primary factors of production, raise total
production.
5.
Define Labour
Labour is the human input into the production process. Alfred
Marshall defines labour as, 'the use of body or mind, partly or wholly, with a
view to secure an income apart from the pleasure derived from the work'.
6.
Define Division of labour.
Division of labour means dividing the process of production into
distinct and several component processes and assigning each component in the
hands of a labour or a set of labourers, who are specialists in that particular
process.
7.
Write the forms of capital.
1. Physical Capital or Material Resources
Ex. Machinery, tools, buildings, etc.
2. Money capital or Monetary resources
Ex. Bank deposits, shares and securities, etc.
3. Human capital or Human Resources
Ex. Investments in education, training and health.
0.
Who is the changing agent of the society?.
8.
Write the three characteristics of entrepreneur?.
❖ Identifying
profitable investible opportunities.
❖ Deciding
the location of the production unit.
❖ Making
innovations.
❖ Deciding
the reward payment.
X. Give brief answer.
1.
Explain the types of production?
There are three types of production
1. Primary Production
2. Secondary Production
3. Tertiary or Service Production
1. Primary
Production :
Primary production is carried out by 'extractive' industries
like agriculture, forestry, fishing, mining and oil extraction. These
industries are engaged in such activities as extracting the gifts of nature
from the earth's surface, from beneath the earth's surface and from the oceans.
2. Secondary
Production :
This includes production in manufacturing industry, turning out
semi-finished and finished goods from raw materials and intermediate goods,
conversion of flour into bread or iron ore into finished steel. They are
generally described as manufacturing and construction industries, such as the
manufacture of cars, furnishing, clothing and chemicals, as also engineering
and building.
3. Tertiary
Production :
Industries in the tertiary sector produce all those services
which enable the finished goods to be put in the hands of consumers. In fact,
these services are supplied to the firms in all types of industry and directly
to consumers. Examples cover distributive traders, banking, insurance,
transport and communications. Government services, such as law, administration,
education, health and defence, are also included.
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 are provided free to man. It includes within
itself several things such as land surface, air, water, minerals, forests,
rivers, lakes, seas, mountain, climate, and weather. Thus, land includes all
things that are not made by man.
Characteristics of
land :
1. Land is a Free
Gift of Nature : Man has to make efforts in order to
acquire other factors of production. But to acquire land no human efforts are
needed. Land is not the outcome of human labour. Rather, it existed even long
before the evolution of man.
2. Land is fixed in
supply : The total quantity of land does not undergo any
change. It is limited and cannot be increased or decreased with human efforts. No
alteration can be made in the surface area of land.
3. Land is
imperishable : All man-made things are perishable
and these may even go out of existence. But land is indestructible. Thus it
cannot go out of existence. It is not destructible.
4. Land is a
Primary Factor of Production : In any kind of
production process, we have to start with land. For example, in industries, it
helps to provide raw materials, and in agriculture, crops are produced on land.
5. Land is
Immovable : It cannot be transported from one
place to another. For instance, no portion of India's surface can be
transported to some other country.
6. Land has some
Original Indestructible Powers : There are some
original and indestructible powers of land, which a man cannot destroy. Its
fertility may be varied but it cannot be destroyed completely.
7. Land Differs in
Fertility : Fertility of land differs on
different pieces of land. One piece of land may produce more and the other
less.
As a gift of nature, the initial supply price of land is zero.
However, when used in production, it becomes scarce. Therefore, it fetches a
price accordingly.
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.
❖ Facilitates
the use of machinery in production, resulting in inventions. Ex. More's
Telegraphic Codes.
❖ Time and
Materials are put to the best and most efficient use.
Demerits of
division of labour :
❖ Repetition
of the same task makes labour to feel that the work is monotonous and stale. It
kills the humanity in him.
❖ Narrow
specialization reduces the possibility of labour to find alternative avenues of
employment. This results in increased 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.
❖ 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
productive.
❖ Capital
lasts over time
❖ Capital involves present sacrifice to get future benefits.
5. What are the functions of entrepreneur?.
• Identifying profitable investible opportunities
• Deciding the location of the production unit
• Making innovations
• Deciding the reward payment
• Taking risks and facing uncertainties
VI. Activity
and Project
1.
Students are asked to prepare a chart containing dummy images of primary,
secondary and tertiary sectors images.
2.
Students are asked to visit some local farmers and to discuss about the land
and its characteristics. Collect some photographs of land and make a album.
VII. Life skills:
1.
Students to know about the characteristics of entrepreneur , Set up your
classroom like a industry. Some Students are asked to act like a businessman , Do the industries
activities. Teachern and studentstogether discuss about the entrepreneur and
their important of development of society.
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