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Factors of Production

ICSE · Class 10 · Economic Application

Quick revision notes for Factors of Production — ICSE Class 10 Economic Application. Key concepts, formulas, and definitions for last-minute revision.

65 questions42 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Classification of Factors of Production

  • A factor of production is anything that helps in the process of production.
  • Factors of production are classified into four categories: land, labour, capital and enterprise.
  • The demand for factors of production is derived demand because they are demanded only to produce goods and services that satisfy human wants.
2

Land

  • Land includes the surface of the soil and all free gifts of nature used in production.
  • Land is a passive, primary factor of production.
  • Land is fixed in supply and has a perfectly inelastic supply curve.
3

Destruction of Ecosystem

  • An ecosystem is a group of living and non-living things that are interdependent and found in a particular geographical area.
  • The term ecosystem was coined by British botanist Tansley in 1935.
  • Major causes of destruction of ecosystem include changes in land use pattern, industrialisation, mining, urbanisation, shifting cultivation and dwelling units.
4

Labour

  • Labour means all human physical and mental effort done with a view to earn wage income.
  • Labour is an active, primary factor of production.
  • Labour cannot be separated from the labourer; the labourer sells labour, not himself.

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Full Notes

Key Concepts

Production means creation of utilityFactors of production are the resourcesLand includes the surface ofLabour means all human physicalCapital means man

Frequently Asked Questions

What are the important topics in Factors of Production for ICSE Class 10 Economic Application?
Factors of Production covers several key topics that are frequently asked in ICSE Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Factors of Production — ICSE Class 10 Economic Application?
Understand the core concepts first, then work through the 65 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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