Factors of Production and Industry Flashcard

Front

What are the types of factors of production?

Back

Land, labor, capital, and entrepreneurship

Front

What is the role of land in industry?

Back

Land provides space for setting up factories and other industrial facilities.

Front

How does labor contribute to different industries?

Back

By providing the necessary workforce for production, operation, and service.

Front

What is the importance of capital in production?

Back

Capital is essential for increasing productivity and efficiency in the production process.

Front

What is entrepreneurship and how does it impact various industries?

Back

Entrepreneurship is the process of starting a business or organization, typically in response to identified opportunities. It impacts various industries by driving innovation, creating jobs, and stimulating economic growth.

Front

Which factor of production includes natural resources such as water and minerals?

Back

Land

Front

What are the different types of labor in industries?

Back

Skilled labor, unskilled labor, and semi-skilled labor

Front

How does capital differ from other factors of production?

Back

Capital is the physical assets used in production.

Front

What are the characteristics of a successful entrepreneur in different industries?

Back

Resilience, creativity, adaptability, and strong leadership skills

Front

How does the role of land vary in agricultural and manufacturing industries?

Back

Land is used for cultivation in agricultural industries and for setting up factories in manufacturing industries.