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Q.

Match the following:


Matrix:


 

Column I

 

Column II

(a)

Land

(i)

Facilitates the flow of production

(b)

Labour

(ii)

Aid to production process

(c)

Capital

(iii)

innovation

(d)

Entrepreneur

(iv)

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a

a-ii; b-iv; c-i; d-iii,

b

a-i; c-iv; b-iii, d-ii

c

a-iii; b-i; c-iv; d-ii,

d

a-iv; b-i; c-ii; d-iii 

answer is D.

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Detailed Solution

1)      Land- It refers to all the resources provided to us by nature and are free to use. Examples of land resources are air, water, trees, and soil.
2)      Labor- It refers to both mental and physical human efforts for the production of a good and service.
3)      Capital- acts as an aid to other elements in the production process. However, it has no utility without labor and comes in two forms. Fixed capital and working capital are two forms of capital.
4)      Entrepreneur- It is also called human capital and guides all the other factors of production.
 
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