Q1
What is land, as a factor of production?
ANatural resources like soil and minerals
BOnly buildings
COnly money
DOnly machinery
CBSEClass 8 (CBSE)Social ScienceCh 7 · Topic 1
Land, Labour and Capital
Land, labour, and capital are the three basic factors of production needed to produce goods and services in an economy.
Core concept
Land refers to natural resources used in production, like soil, water, minerals, and forests, which provide raw materials for various goods.
How it works
Labour refers to the human effort, both physical and mental, that people contribute to producing goods and services, ranging from farming to skilled professional work.
Why it matters
Capital refers to man-made resources used in production, like machinery, tools, buildings, and money invested in a business to help create goods and services.
Key detail
These three factors work together - for example, a farmer (labour) uses land (soil) and capital (a tractor) to grow and harvest crops efficiently.
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Quick notes
• Land, labour and capital are factors of production.
• Land includes natural resources like soil and minerals.
• Labour is human effort, physical and mental.
• Labour ranges from farming to skilled professional work.
• Capital is man-made resources like machinery and tools.
• Capital also includes money invested in a business.
• These three factors work together in production.
• A farmer uses land, labour and capital together to grow crops.