Production refers to
Destruction of wealth
Creation of utilities
Exchange value
All the above
Efficiency of labour depends upon
Skill
Physical strength
Training
All of the above
Capital include:
Producer goods
Inventory of material goods
Consumer goods
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
Reward paid to capital is
Interest
Profit
Wages
Rent
Labour cannot be separated from
Capital
Labourer
Organization
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
_________ is limited by the extent of market.
Labour
Division of labour
Land
