Quick Review Flashcards - Click to flip and test your knowledge!
Question
In economics, what is the collective term for the resources or inputs used in the production process?
Answer
Factors of production.
Question
What are the four primary types into which the factors of production are classified?
Answer
Land, labour, capital, and entrepreneurship.
Question
How is 'land' defined in the context of economic production?
Answer
It includes geographical land and all natural resources like soil, water, minerals, and sunlight.
Question
What term describes the physical and mental effort applied during the production of goods and services?
Answer
Labour.
Question
How does human capital differ from basic labour?
Answer
It refers to the specialised skills, knowledge, and expertise that enhance labour quality.
Question
What are the two primary facilitators used to develop human capital through knowledge acquisition?
Answer
Education and training.
Question
In what way does healthcare contribute to the development of human capital?
Answer
It supports cognitive development in children and maintains the physical and mental productivity of workers.
Question
What is the meaning of the Japanese economic concept 'kaizen'?
Answer
Continuous improvement.
Question
Which three specific values are traditionally associated with the German work ethic?
Answer
Punctuality, attention to detail, and quality.
Question
According to World Bank estimates for 2023, what is the Adult Literacy Rate for males in India?
Answer
85 per cent.
Question
According to World Bank estimates for 2023, what is the Adult Literacy Rate for females in India?
Answer
70 per cent.
Question
What economic term describes the growth benefit a country receives from having a large young and working population?
Answer
Demographic dividend.
Question
According to the Economic Survey of India 2024, what percentage of India's population is under 35 years of age?
Answer
65 per cent.
Question
What are the 'Shilpa Shastras' in ancient Indian heritage?
Answer
Ancient texts containing detailed design guidelines for sculpture, architecture, and crafts.
Question
What was the defining characteristic of the ancient Indian 'stitched shipbuilding' technique?
Answer
Joining wooden planks using cords instead of metal nails to provide flexibility.
Question
In economics, what factor of production includes money and human-made assets like machinery and tools?
Answer
Capital.
Question
What is the term for the amount paid by a borrower to a lender for the use of financial capital?
Answer
Interest.
Question
How do large companies typically raise capital from the general public?
Answer
By selling shares through the stock market.
Question
What is the term for the share of profits paid regularly by a company to its shareholders?
Answer
Dividend.
Question
What does entrepreneurship involve in the production process?
Answer
Starting a business, creating innovative solutions, and taking risks by gathering other factors of production.
Question
What defines a 'startup' in the context of modern entrepreneurship?
Answer
A venture with limited resources aiming for rapid growth by leveraging technology.
Question
Who was the Indian entrepreneur and philanthropist that founded India's first airline in 1932?
Answer
J.R.D. Tata.
Question
What was the original name of the airline started by J.R.D. Tata that later became Air India?
Answer
Tata Airlines.
Question
Which highest civilian award was bestowed upon J.R.D. Tata in 1992?
Answer
The Bharat Ratna.
Question
What is the definition of technology in the context of production?
Answer
The application of scientific knowledge to improve efficiency and produce goods with fewer inputs.
Question
Which Indian digital interface allows for instant payments via a mobile device?
Answer
Unified Payments Interface (UPI).
Question
How does GPS technology specifically facilitate the transportation sector?
Answer
By discovering the shortest and most efficient routes for moving goods.
Question
Which factor of production is responsible for making key decisions regarding the operation and functioning of a business?
Answer
Entrepreneurship.
Question
What term refers to the percentage of people aged 15 and above who can read and write with understanding?
Answer
Adult literacy rate.
Question
Term: Skill
Answer
Definition: The ability to do an activity or job well with practice and training.
Question
Concept: Productivity
Answer
Definition: The ability to do more work in a particular time period.
Question
How do 'Social and Cultural influences' specifically impact the quality of human capital?
Answer
They foster a culture of hard work, continuous improvement, and excellence.
Question
What is the primary motivation for an entrepreneur besides earning profit?
Answer
The vision to solve a problem and provide innovative services to society.
Question
Where do individuals typically find their first source of funds when starting a small business?
Answer
Personal savings, family, and friends.
Question
Which factor of production would a carpenter's tools be classified as?
Answer
Capital.
Question
In the restaurant business 'Pause Point', what role did Ratna play in terms of the factors of production?
Answer
The entrepreneur.
Question
Why is 'People as a resource' considered a key part of economic activity?
Answer
Because humans apply skills and decision-making to transform inputs into final products.
Question
What is the significance of the 16th century for indigenous Indian shipbuilding?
Answer
It marked a decline in traditional techniques following the arrival of Europeans.
Question
How does technology help students and job seekers in India via platforms like SWAYAM?
Answer
By providing online learning and access to job opportunities.
Question
What is the primary role of a 'Business' firm in an economy?
Answer
To combine factors of production to create goods and services.
Question
Which factor of production encompasses the air, sunlight, and minerals used in manufacturing?
Answer
Land.
Question
How do 'training' and 'education' differ as facilitators of human capital?
Answer
Education provides general knowledge and literacy, while training develops skills for specific tasks.
Question
What is the economic purpose of drones in modern agriculture?
Answer
To spray fertilisers and monitor crop health to improve productivity.
Question
What happens to a country's living standards when more people work and fewer people are dependent on them?
Answer
The country can grow businesses and improve living standards for its people.
Question
Which ancient Indian tradition of worshipping tools reflects the cultural value placed on technology?
Answer
Vishwakarma Puja (or Ayudha Puja).
Question
What is the economic definition of a 'Business'?
Answer
A firm, shop, or factory that produces goods or provides a service.
Question
Why is the 2024 demographic profile of India considered a potential 'dividend'?
Answer
Because the country has a young and productive population that can drive growth.
Question
In the production of mobile phones, what is the role of 'Labour'?
Answer
The assembly and technical testing of the devices.
Question
According to Bibek Debroy, what will lead to the largest contribution to India's growth?
Answer
More efficiently using land, labour, and capital.
Question
Identify an example of natural capital provided by forests.
Answer
Timber or raw materials for wood-based products.
Question
How does education prepare students for the workforce according to the civil engineering example?
Answer
It teaches principles of design and materials to be applied in building infrastructure.
Question
What specific human capital trait is highlighted by the high-quality industrial output of Germany?
Answer
Attention to detail.
Question
Which factor of production is essentially 'money plus human-made resources'?
Answer
Capital.
Question
What is the primary result of technological progress in communication, such as switching from post to email?
Answer
Faster communication at a lower cost.
Question
Why must an entrepreneur take risks by investing time and money?
Answer
To turn an innovative idea into a successful business venture.
Question
In the context of 'People as a resource', what is meant by 'Cognitive' development?
Answer
The process of learning, knowing, and understanding information.
Question
What are the first resources a business owner gathers to solve a problem?
Answer
Factors of production (land, labour, and capital).
Question
What is the economic term for an amount of money paid regularly to shareholders out of profits?
Answer
Dividend.
Question
How did ancient Indians view work according to the heritage section?
Answer
As an offering to the deity or receiver, created with devotion and striving for perfection.
Question
Why do some old technologies like wheelbarrows remain in use despite newer developments?
Answer
Because they remain effective and efficient for certain specific production tasks.