Labour cannot be separated from
Capital
Labourer
Profit
Organization
Efficiency of labour depends upon
Skill
Physical strength
Training
All of the above
Factors of production can be
Land
Labour
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
All the above
Production refers to
Destruction of wealth
Creation of utilities
Exchange value
_________ is limited by the extent of market.
Division of labour
A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
