NOUN TMA Solutions, 2020_2: ENT408- Entrepreneurship and Gender Issues

In economics, factors of production mean inputs and finished goods mean …….. _ Answer: output

the factors of production are Land, Labour, capital and ………. _ Answer: Entrepreneur

Factors of production are any commodities or services used to produce goods and services. _ Answer: TRUE

Primary factors of production could include stock,land,labour, goods applied to prodcution. _ Answer: all of above

Input is the starting point and output is the end point of ……….. _ Answer: Production

Land’ includes not only the site of production,…….above or below the soil _ Answer: Natural resources

Sometimes the overall state of…… is described as a factor of production (Parkin and Esquivel, 1999) _ Answer: Technology

The main European school of economics before Adam Smith was ………. _ Answer: Phisiocracy

The productive process is explained as the interaction between participating classes of the . _ Answer: Population

The classical economics of Adam Smith, David Ricardo, and their followers focused on…. _ Answer: Resources.