Factors of production can be
Land
Labour
Organization
All of the above
A successful entrepreneur is one who is ready to accept
Innovations
Risks
Deciding the location of the production unit
All the above
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
_________ is limited by the extent of market.
Capital
Division of labour
Labour cannot be separated from
Labourer
Profit
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
Service factors
The functional relationship between inputs and output is known as
Production
Production function
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
Production refers to
Destruction of wealth
Creation of utilities
Exchange value
