Write the forms of capital.
Forms of capital include physical capital (machinery, tools), monetary capital (money, financial assets), and human capital (skills, knowledge).
Write the three characteristics of entrepreneur.
Characteristics of an entrepreneur include identifying opportunities, taking risks, and organizing factors of production.
Give brief answer
Explain the types of production.
Primary production: Uses natural resources directly (e.g., agriculture, mining).
Secondary production: Involves manufacturing using primary products (e.g., industry).
Tertiary production: Involves services that support the economy (e.g., banking, education).
What is land ? What are the characteristics of land?
Land refers to natural resources provided by nature.
Characteristics: Fixed in supply, immovable, varies in fertility, and includes resources like minerals, water, etc.
Explain the merits and demerits of division of labour.
Merits: Increases efficiency, promotes specialization, and encourages technological advancements.
Demerits: Can lead to monotony, job dissatisfaction, and dependency on specific skills.
Describe the characteristics of capital.
Characteristics: Man-made, passive in production, durable, involves present sacrifice for future benefits, and includes physical, monetary, and human forms.
