Chapter 1 of 14
Revision Notes
Factors of Production — Revision Notes
ICSE · Class 10 · Economics
Factors of Production revision notes for ICSE Class 10 Economics: 4 topics in quick points. Includes Meaning of Production and Factors, Land and Labour.
42 questions48 flashcards5 concepts
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1. Meaning of Production and Factors of Production
- Production is a process in which materials are transformed from one form to another.
- Whatever is used in the production process is called an input or factor of production.
- Whatever is obtained from the production process is called an output.
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2. Land
- Land includes the surface of the soil and all free gifts of nature useful to man.
- Land is a stock of free gifts of nature.
- According to Prof. Alfred Marshall, land includes the materials and forces which nature gives freely for man's aid in land and water, in air and light and heat.
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3. Labour
- Labour means all human work, physical or mental, undertaken to earn income.
- Labour is effort used to produce goods and services in exchange for wages or salary.
- Work done out of love or affection is not treated as labour.
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4. Division of Labour
- Division of labour means specialisation in work.
- Under division of labour, a worker specialises either in a single commodity or in a single sub-process.
- Prof. Adam Smith defined division of labour as a system where operations necessary to make a finished product are divided so minutely that each worker performs one or a few operations.
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Full NotesKey Concepts
Production is a process inFactors of production are the resourcesLand includes the surface ofLabour means all human physicalCapital is the man
Frequently Asked Questions
What are the important topics in Factors of Production for ICSE Class 10 Economics?
Key topics in Factors of Production include Meaning of Production and Factors of Production, Land, Labour, Division of Labour. Study these first, then practise questions on each for the ICSE Class 10 board exam.
How should I revise Factors of Production for the ICSE Class 10 board exam?
Learn the core ideas first, then work through the 42 practice questions on Factors of Production. Revise definitions regularly and use flashcards for quick recall before the exam.
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