If you are looking for TN Board Class 7 Economics Unit 1 Production, then you are at the right place. Here we are providing solutions as well as additional QA / Important Notes.
Choose the correct answer
Production refers to………….
- destruction of utility
- creation of utilities
- exchange value
- none of these
Utilities are in the nature of………..
- form utility
- time utility
- place utility
- all of these
Primary factors are……………..
- land, capital
- capital, labour
- land, labour
- none of these
The entrepreneur is also called……………
- exchanger
- Agent
- organizer
- communicator
Fill in the blanks
- …….means want satisfying power of a product.[utility]
- Derived factors are ………and………….[capital and organization]
- …….is a fixed in supply.[Land]
- ……..is the human input into the production process.[Labour]
- ……..is the man made physical goods used to produce other goods and services.[Capital]
Match the following.
- Primary production – Adamsmith
- Time utility – fishing, mining
- Wealth of nation – entrepreneur
- Human capital – stored for future
- Innovator – education, health
Answer
- Primary production – fishing, mining
- Time utility – stored for future
- Wealth of nation – Adamsmith
- Human capital – education, health
- Innovator – entrepreneur
Give short answer.
What is production?
Production is the process of combining various inputs (material and immaterial) to create goods and services for consumption.
What is utility?
Utility refers to the want-satisfying power of a product; it is the ability of a product to satisfy human wants.
Name the types of utility.
The types of utility are: form utility, time utility, and place utility.
What are the factors of production?
Factors of production are inputs used in the production of goods and services. They include land, labour, capital, and organization (entrepreneurship).
Define Labour.
Labour refers to the human effort (both physical and mental) used in the production process.
Define Division of labour.
Division of labour is the specialization of tasks or jobs within a production process where each worker focuses on a specific aspect of production.
