Factors of Production — Chapter Summary
ICSE · Class 10 · Economic Application
Summary of Factors of Production for ICSE Class 10 Economic Application. Part of the ICSE Class 10 Economic Application syllabus.
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Overview
Production is the process of creating utility and value in goods and services. Modern economics treats production as more than making material goods; it includes every activity that adds value to satisfy human wants. The whole process depends on factors of production, namely land, labour, capital an
Key Concepts
Production means creation of utility
Production means creation of utility or value. Adam Smith defined it as production of material goods only, but modern economics includes all activitie
Factors of production are the resources
Factors of production are the resources used in producing goods and services. They are classified into land, labour, capital and enterprise. Anything
Land includes the surface of
Land includes the surface of the earth and all free gifts of nature used in production. It is a passive, primary factor of production and its reward i
Labour means all human physical
Labour means all human physical and mental effort done with the aim of earning wages or salary. It is an active, primary factor of production and its
Capital means man
Capital means man-made durable goods used for further production. It is a produced means of production and its reward is interest. Capital is passive,
Learning Objectives
- Understand the meaning of production and creation of utility
- Identify the four factors of production and their functions
- Distinguish between land, labour, capital and entrepreneur
- Explain the characteristics and importance of land
- Understand ecosystem and the causes of its destruction
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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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