Capital include:
Producer goods
Inventory of material goods
Consumer goods
All of the above
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
Factors of production can be
Land
Labour
Organization
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
Short run production function means
At least one factor is in fixed supply
Two factor are in fixed supply
All factors are in fixed supply
One factor is in variable supply
Function of entrepreneur can be.
To initiate a business enterprise
To take advantages of changes in a dynamic economy
To bear uncertainties
Labour can move between:
Jobs
Places
Both between jobs and places
Neither a nor b
Land include:
Heat
Air
Light
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
