Labour cannot be separated from
Capital
Labourer
Profit
Organization
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
All of the above
_________ is limited by the extent of market.
Labour
Division of labour
Rent
The functional relationship between inputs and output is known as
Production
Production function
Distribution
___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
Financial capital
Production refers to
Destruction of wealth
Creation of utilities
Exchange value
All 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
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
Land include:
Heat
Air
Light