Efficiency of labour depends upon
Skill
Physical strength
Training
All of the above
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
Land include:
Heat
Air
Light
Reward paid to capital is
Interest
Profit
Wages
Rent
___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
Financial capital
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
tertiary factor
Factors of production can be
Land
Labour
Organization
Feature of labour:
It cannot be stored
Labourer has to work in person
Labourer sells his service
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
Labour cannot be separated from
Capital
Labourer
