Define and identify the rewards for the four factors of production: land, labour, capital, and entrepreneurship.

Section A: Objective Questions

1. Refers to all natural used in production, not just soil or farms.

   • This definition describes land as a factor of production, encompassing all natural resources.
   • The correct option is (b) land.

2. The physical and mental efforts contributed by people to produce goods and services is known as.

   • This is the definition of labour as a factor of production.
   • The correct option is (b) labour.

3. The reward for land is called.

   • The payment received for the use of land is rent.
   • The correct option is (b) rent.

4. is the reward for labour.

   • The compensation for labour is typically wages or salaries.
   • The correct option is (b) wages or salaries.

5. refer to man-made resources used in production, such as machinery, tools e.t.c and money invested in business.

   • These are examples of capital, which are man-made resources used to produce other goods and services.
   • The correct option is (b) capital.

6. Identify the rewards for capital.

   • The reward for providing capital (e.g., lending money for investment) is interest.
   • The correct option is (c) interest.

7. is the ability to combine land, labour and capital to produce goods and services.

   • The ability to organize and manage the other factors of production (land, labour, capital) is known as entrepreneurship.
   • The correct option is (c) enterprenuership.

8. is the reward for entrepreneurship.

   • The reward for an entrepreneur's risk-taking and innovation is profit.
   • The correct option is (c) profit.

9. is any activity that a person engages in regularity contribution to society.

   • An activity that a person regularly engages in, often for a living, and which contributes to society, is an occupation.
   • The correct option is (c) occupation.

10. service occupation are those in which workers provide directly to clients or customers.

    • When workers provide services directly to clients or customers, it is called a direct service.
    • The correct option is (c) direct service.

11. is the quality of being sincere, open and free from lies or deceit in words, actions, and dealings with other.

    • This describes sincerity, which involves being genuine and truthful in all interactions.
    • The correct option is (c) sincerity.

12. Being open and genuine in dealings with customers, suppliers, and workers is known as.

    • Being open and genuine in dealings aligns with sincerity.
    • The correct option is (c) sincerity.

13. is the act of treating all customers equally and charging fair prices?

    • Treating all customers equally and charging fair prices is a demonstration of fairness.
    • The correct option is (d) fairness.

14. Delivering goods and services has agreed without unnecessary excuses is called.

    • Delivering on agreements without excuses is an act of keeping promises.
    • The correct option is (b) keeping promises.