Tag: production mechanism

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Questions Related to production mechanism

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

Entrepreneur ___________________.

  1. Is the catalyst in the process of using the factors of production.

  2. Gives direction to the usage of other factors of production

  3. Both (a) and (b)

  4. Neither (a) nor (b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Entrepreneurs act as catalysts by identifying opportunities and provide direction by allocating resources to specific production processes.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

The functions of an Entrepreneur include ______________________.

  1. Initiating a business enterprise and resource coordination

  2. Risk-bearing or uncertainty-bearing

  3. Introducing Innovations on a continuous basis

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The role of an entrepreneur is multifaceted, involving the initiation of ventures, coordination of resources, risk-taking, and continuous innovation.

Multiple choice economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

Which types of entrepreneur excel at problem solving in a systematic way ?

  1. Analyst

  2. Fireball

  3. Healer

  4. Visionary
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The functions of an entrepreneur are risk bearing, organising and innovation. An analyst is hired to solve the problem occurring in the procedure. An analyst is supposed to analyse a given data, identify the problem with it and then find out the solution of it with the help of programming or coding. They are master into several programming languages e.g. C, Java etc, statistical software e.g. R-programming, SAS, SPSS etc.. and other software like Excel. They generally are expert in theoretical and statistical modelling which help them to solve the problem in a systematic way.

Multiple choice economics how does production take place? natural resources- air, water and land land land,labour, capital and entrepreneur production mechanism

All primary occupations like agriculture, animal husbandry, poultry farming, fisheries, dairying, forestry, etc. are land oriented.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
The following occupations which are land oriented,that is, they occur due to the presence of land, are as follows:
Agriculture: the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.
Animal husbandry: the science of breeding and caring for farm animals
Fisheries: a place where fish are reared for commercial purposes.
Dairying: the business of producing, storing, and distributing milk and its products
Forestry: the science or practice of planting, managing, and caring for forests.