Start learning →

ICSE Class 10 Factors of Production: Land, Labour, Capital & Enterprise — practice questions

Explore 96 free Factors of Production: Land, Labour, Capital & Enterprise questions in ICSE Class 10 Economics. Open each question or exercise to read its content, reference answers and available explanation.

Practise Factors of Production: Land, Labour, Capital & Enterprise with Quill →

Factors of Production: Land, Labour, Capital & Enterprise questions and exercises with answers

Showing questions 1–30 of 96.

What term describes resources used in production to create output?Read the answer and worked solution →How many basic factors of production are traditionally recognized?Read the answer and worked solution →Which resource is classified as a secondary factor of production?Read the answer and worked solution →What relates utilised input quantities to total output produced?Read the answer and worked solution →What label is given to factors to distinguish them from consumer goods?Read the answer and worked solution →What factor payment is given to a landowner for using natural resources?Read the answer and worked solution →What is the factor payment received for human labour in production?Read the answer and worked solution →What term was styled as the return to loaned money in classical thought?Read the answer and worked solution →Which economic agent combines land, labour, and capital to make profit?Read the answer and worked solution →In economics, what does land comprise besides geographic land?Read the answer and worked solution →What is the nature of the overall supply of natural land resources?Read the answer and worked solution →Why does natural land have no original individual human proprietor?Read the answer and worked solution →How is tangible land categorized on an enterprise balance sheet?Read the answer and worked solution →What forms of human contribution does labour include in production?Read the answer and worked solution →What did Karl Marx distinguish from labour actually performed?Read the answer and worked solution →What term describes separating tasks so that participants may specialise?Read the answer and worked solution →What does the division of labour serve as a primary source of?Read the answer and worked solution →Which manufacturing process did Adam Smith use to illustrate division?Read the answer and worked solution →What benefit arises from workers concentrating on their single subtasks?Read the answer and worked solution →What concept arises when a specific task is assigned to a machine?Read the answer and worked solution →What term did Marx use for estrangement caused by repetitive work?Read the answer and worked solution →Which outcome is recognized as a disadvantage of narrow specialization?Read the answer and worked solution →According to Adam Smith, what limits the division of labour?Read the answer and worked solution →What practice reduces division of labour to alleviate employee boredom?Read the answer and worked solution →What are durable produced goods used as productive inputs called?Read the answer and worked solution →What property distinguishes capital goods from intermediate goods?Read the answer and worked solution →Why do buyers purchase consumer goods rather than capital goods?Read the answer and worked solution →Unlike natural resources, how can the supply of capital goods change?Read the answer and worked solution →In Adam Smith's analysis, what are assets not consumed in production?Read the answer and worked solution →According to Adam Smith, what constitutes circulating capital?Read the answer and worked solution →

Worked practice questions

What term describes resources used in production to create output?

  1. Factors of production
  2. Intermediate products
  3. Consumer final goods
  4. Depreciation reserves
Show answer and solution

Correct answer: A. Factors of production

Factors of production are inputs used in the production process to create output.

Open this question →

How many basic factors of production are traditionally recognized?

  1. Two basic factors
  2. Four basic factors
  3. Six basic factors
  4. Eight basic factors
Show answer and solution

Correct answer: B. Four basic factors

Economics traditionally recognizes four basic factors: land, labour, capital, and enterprise.

Open this question →

Which resource is classified as a secondary factor of production?

  1. Fixed capital
  2. Agricultural land
  3. Raw materials
  4. Human labour
Show answer and solution

Correct answer: C. Raw materials

Materials and energy are secondary factors obtained from land, labour, and capital.

Open this question →

How to practise

  1. Choose a Factors of Production: Land, Labour, Capital & Enterprise question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

Put it into practice

Continue with Factors of Production: Land, Labour, Capital & Enterprise practice for ICSE Class 10. Read explanations as you go. No signup form needed to start.

Practise Factors of Production: Land, Labour, Capital & Enterprise →

More Economics topics

Markets and Theory of SupplyMoney, Banking & InflationTheory of Demand & Elasticity