Chapter 7 Factors of Production (7 A)

P.P.Publication NCERT WORKSHEETS

Exploring Society: India and Beyond

Textbook of Social Science Class 8

Section A: Multiple Choice Questions

1. Which of the following is NOT considered a factor of production?

2. Which factor of production refers to all natural resources used to produce goods and services?

3. Which personality trait is essential for an entrepreneur?

4. Which industrialist founded India’s first airline and promoted welfare?

5. Why is investment in education and training necessary?

6. Which production process was interrupted during the COVID-19 pandemic?

7. Which of the following are considered key facilitators for developing human capital?

8. What were the approximate adult literacy rates for males and females in India as of 2023, according to the chapter?

9. An industry that relies more on labour than on machinery, like the handicraft sector, is described as:

10. Which of the following is an example of an environmental responsibility for a business?

Section B: Assertion-Reason Questions

Options for all questions in this section:

1. Assertion (A): Production requires four elements, which are called factors of production.

Reason (R): The factors of production are land, labour, fixed capital and working capital.

2. Assertion (A): Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production.

Reason (R): Raw materials and money in hand are called working capital.

Section C: Fill in the blanks using appropriate word(s).

1. A variety of online courses are available to students through Government platforms like SWAYAM.

2. Instead of sending letters by post, we now use Email to communicate with people quickly and at a lower cost.

3. Procuring resources like land, factory space, machinery and skilled workers requires financial resources.

4. It is important for producers to adopt sustainable practices to replenish natural resources for future use.

5. The supply chain is a network of individuals, organisations, resources, activities and technology that are involved in the production and sale of goods.

Section D: Match the columns.

Column AAnswerColumn B
1. Capital(e)(a) A firm which produces or sells goods
2. Interest(d)(b) Process of learning the required skills
3. Productivity(c)(c) Ability to do more
4. Training(b)(d) Money paid to the lender
5. Business(a)(e) Any asset

Section E: Very Short Answer Type Questions

1. What are ‘shilpa shastras’? Give example.

2. How do large companies often raise financial capital from the general public?

3. Why are people considered as a resource?

4. What are the executive and legislative functions of the Parliament?

Section F: Short Answer Type Questions

1. Why is capital considered an essential factor of production?

2. How do infrastructure and healthcare systems like hospitals, primary healthcare centres, doctors, pharmacies, diagnostic labs, etc., contribute to developing human capital?

3. What is demographic dividend? How does it prove to be beneficial for a country?

Answer: i) A demographic dividend is the economic growth potential that occurs when a country’s working-age population (15-64) is larger than its non-working dependent population (children and elderly). When more people are working and earning, and fewer people depend on them, they can create businesses and improve living standards.

Section G: Long Answer Type Questions

1. How does human capital differ from physical capital?

Answer: i) Human capital represents the intangible skills, knowledge, and experience of employees, while physical capital includes assets like machinery and buildings. ii) Unlike physical capital, which is separable from its owner and tradable in the market, human capital is inseparable from its owner and resides within them.

2. What are the major tasks performed by an entrepreneur?

     

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