Social Science - 7. Factors of Production

What are the resources or inputs used in producing goods and services called?

Factors of production.

What is the economic term for a firm, shop, or factory that produces or sells goods or provides a service?

Business.

Into how many types are the factors of production classified in economics?

Four types: land, labour, capital, and entrepreneurship.

What crucial factor enables businesses to produce more goods with the same or fewer inputs?

Technology.

In economics, the word 'land' encompasses not only geographical land but also what else?

Natural resources like soil, forests, water, minerals, and oil.

What is the term for the ability to do an activity or job well with practice and training?

Skill.

The physical and mental effort used in production is referred to as _____.

labour

What term refers to the specialised skills, knowledge, abilities, and expertise required to perform labour, reflecting its quality and efficiency?

Human capital.

What are the three main facilitators of human capital mentioned in the text?

Education and training, healthcare, and social and cultural influences.

What is the process of learning the required skills to do a particular job or activity called?

Training.

Term: Cognitive

Definition: It refers to the process of learning, knowing and understanding.

The Japanese concept 'kaizen', which means _____, has helped Japan achieve higher standards of living.

continuous improvement

What is the term for the ability to do more in a particular time period?

Productivity.

The German work ethic, which values punctuality, attention to detail, and quality, contributed to their rise as a global leader in what two sectors?

Technology and manufacturing.

What is the definition of the Adult Literacy Rate?

The percentage of people aged 15 and above who can read and write with understanding a short, simple statement about their everyday life.

According to the Economic Survey of India 2024, what percentage of people in India are below the age of 35?

65 per cent.

What is the term for the benefit a country gets when it has a large number of young and working people?

Demographic dividend.

What are the ancient Indian texts containing detailed design guidelines on sculptures, paintings, and buildings called?

The shilpa shāstras.

What unique technique, dating back over 2000 years, did Indians use to make flexible ships for navigating the Indian Ocean?

Stitched shipbuilding, which involved stitching wooden planks together using cords instead of nails.

In economics, what does the term 'capital' refer to?

Any asset, whether physical or financial, used to produce goods and services, including money and human-made resources like machinery.

What are the common initial sources of capital for individuals starting a business?

Personal savings, family, and friends.

What is the amount of money paid by the borrower of a loan to the lender for using their money for a specific time?

Interest.

What is the special type of market where shares of large companies are bought and sold?

The stock market.

An amount of money paid regularly by a company to its shareholders out of its profits is called a _____.

dividend

What is the term for the process of starting your own business or creating something new to solve a problem?

Entrepreneurship.

Who is a person that comes up with an idea, takes risks, and gathers other factors of production to make their idea successful?

An entrepreneur.

Term: Startup

Definition: An entrepreneurial venture with limited resources that aims at rapid growth and expansion while leveraging technology.

According to the text, what are the five key tasks performed by an entrepreneur?

Identifies a problem, takes risks, combines factors of production, makes key decisions, and contributes to social welfare.

Who was the founder of India's first airline, Tata Airlines, which later became Air India?

J.R.D. Tata.

In what year was J.R.D. Tata born?

1904

J.R.D. Tata received India's highest civilian award, the _____, in 1992.

Bharat Ratna

What is technology defined as in the context of production?

The application of scientific knowledge.

What is the name of the Government of India's online learning platform that offers MOOCs for students from Grade 9 onwards?

SWAYAM (Study Webs of Active Learning for Young Aspiring Minds).

What is the name of the Government of India's online portal that helps people find job opportunities across various sectors?

National Career Service (NCS).

An industry like agriculture or handicrafts that relies more on labour than machinery is described as _____.

labour-intensive

An industry that requires more capital and specialised machinery, such as semiconductor chip manufacturing, is described as _____.

capital-intensive

What is the term for the network of individuals, organisations, resources, activities, and technology involved in the production and sale of goods?

Supply chain.

Why is it important for producers to use natural resources responsibly?

To meet current needs without making it harder for future generations to meet theirs (sustainability).

What are the three main responsibilities businesses have towards their workers and employees?

Fair compensation and working conditions, skill development and training, and workplace rights and protections.

What is the practice through which businesses address social and environmental concerns in their operations to benefit society?

Corporate Social Responsibility (CSR).

In what year did India become the first nation to bring a law that mandated Corporate Social Responsibility (CSR)?

2014

How does human capital differ from labour?

Labour is the physical and mental effort, while human capital is the specialised skills, knowledge, and expertise that enhance the quality of that labour.

What negative environmental impact can occur if old smartphones are not recycled properly?

Harmful substances like lead and mercury can leak into the ground and water.

How does good healthcare contribute to the development of human capital?

It supports cognitive development and ensures workers are physically and mentally able to be more productive and creative.

In ancient India, creating products involved a unique blend of kalā (art) and _____ (knowledge).

vidyā

What traditional Indian ceremony involves the worship of tools as a form of technology?

Vishwakarmā pūjā or Āyudha pūjā.

When large companies raise money from the public through the stock market, what do they offer in return as a share of the profits?

A dividend.

What is an example of an early form of technology, mentioned in the text, that is still in use today?

Pulleys or wheelbarrows.

How can 3-D printing technology help revive dying art forms in textiles?

By producing handloom products at a large scale to serve the market.

A disruption in the _____ can halt the production process, as seen during the COVID-19 pandemic.

supply chain

What are the four factors of production that are combined to produce goods and services?

Land, labour, capital, and entrepreneurship.

Which factor of production is responsible for providing guidance on how other resources should be used?

The entrepreneur.

What is the primary role of education and training as facilitators of human capital?

Education helps individuals gain knowledge, while training helps in the hands-on application of that knowledge to develop specific skills.

According to Bibek Debroy, how can a country like India achieve significant growth and productivity?

By more efficiently using its land, labour, and capital.

What sector is given as an example of a capital-intensive industry?

Semiconductor chips.

What two sectors are mentioned as examples of labour-intensive industries?

Construction and handicraft.

In the example of Ratna's restaurant, what did she need to organize to cover rent and equipment costs?

Money (capital).

What must individuals have access to in order for a country to take advantage of its demographic dividend?

Quality education, health, training, and skilling.