NCERT Solutions for Exploring Society: India and Beyond Chapter 7 Factors of Production
Updated on 2026-09-05
About this chapter
Everything you use went through a production process. The resources or inputs used to produce goods and services are called the factors of production . Economics sorts them into four types — land, labour, capital and entrepreneurship . Technology is not a fifth factor but a facilitator : it lets an enterprise produce more goods with the same or fewer inputs. ‘Land’ in economics is much wider than a plot of ground. It covers soil, forests, water, air, sunlight, minerals, oil and natural gas — everything nature gives. A business either buys the land it needs or pays rent to use it for a period of time, as Ratna did for her highway restaurant Pause Point . Labour and human capital are not the same thing. Labour is the physical and mental effort used in production. Human capital is the s
- Chapter opening
- Introduction
- Factors of Production
- Facilitators of human capital
- Social and cultural influences
- Challenges to human capital
- Demographic dividend
- India’s ancient skill heritage
- Capital
- The man who dreamed big for India
Exercises
- Chapter opening — The Big Questions Page 163
- Introduction — In-text Questions Page 164
- Introduction — LET’S EXPLORE Page 165
- Factors of Production — LET’S EXPLORE Page 166
- Facilitators of human capital — THINK ABOUT IT Page 168
- Social and cultural influences — LET’S EXPLORE Page 169
- Challenges to human capital — THINK ABOUT IT Page 170
- Demographic dividend — THINK ABOUT IT Page 170
- India’s ancient skill heritage — LET’S EXPLORE Page 172
- Capital — In-text Questions Page 172
- Capital — LET’S EXPLORE Page 173
- The man who dreamed big for India — THINK ABOUT IT Page 175
- Technology: An Enabler of Production — In-text Questions Page 176
- Technology paving the way for accessing knowledge, skills, and job opportunities — LET’S EXPLORE Page 178
- Responsibilities towards Factors of Production — THINK ABOUT IT Page 180
- –183End of chapter — Questions and activities Page 182