Factors of Production — Important Questions
ICSE · Class 10 · Economic Application
65 important questions from Factors of Production for ICSE Class 10 Economic Application, with answers. Written for the board exams 2027.
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Important Questions from Factors of Production
Which one is a reward for labour?
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Wages
Labour earns wages. Rent goes to land, interest goes to capital, and profit goes to the entrepreneur.
Which of the following is a characteristic of land?
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It is immovable
Land is immovable and fixed in supply. It is also a free gift of nature and earns rent.
Which of these is labour?
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A teacher teaching in school for salary
Labour includes human work done with the expectation of wage income or reward. Teaching in school for salary is labour.
Capital is best described as:
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A produced means of production
Capital is man-made and used for further production. Machines, tools, and buildings are examples of capital.
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