FACTORS OF PRODUCTION for 8C & 8D

Dear 8C & 8D students,
watch the following links.
http://www.youtube.com/watch?v=hG9PQHD5ROA

http://www.youtube.com/watch?NR=1&feature=endscreen&v=Q7KlMb4U0IA


Take a print of the following notes & past it in your note book:

Factors of Production

Anything which contributes to production is called a factor of production.

Land, Labour, capital, and entrepreneurship used by society to produce consumer satisfying goods and services are termed as factors of production, they  are also known as resources or scarce resources.

• Land

            In economics land refers to all kinds of natural resources that are freely found

            in  nature ,which are limited in supply ,which can be controlled by man  and

            used in the production of goods. Reward for land is rent.

• Labour can be defined as any mental or physical effort  (excluding entrepreneurial organization) which contributes to the production of goods and services for which it receives income. Reward for labour is wages / salaries

• Capital refers to that part of wealth which is used along with labour for producing additional wealth .Reward for capital is interest.

• Entrepreneurship is the special sort of human effort that takes on the risk of bringing labour, capital, and land together to produce goods. or services in the expectation of a future reward. That reward is called profit in economics.

Functions of an entrepreneur

¨      Management and control

¨      Risk and uncertainty bearing

¨      Innovation

Factor Income

   Rent

It is the factor payments to the owners of land for using the various resources of land in the production of goods and services

   Wages

A factor payment to the owner of labour for using labour services in the production of goods and services

   Interest

It is the payments for the use of borrowed funds or the price paid for the use of loanable funds’

   Profit

Profit refers to a reward enjoyed by an entrepreneur for his entrepreneurship or for his contribution to the process of production. It is a reward for bearing of risks and uncertainties and introducing innovations

Case Study - Basic Eco problems

Dear VIII-B students, 

Take a print of the case study & solve it. I am going to check on MONDAY.  

A GERMAN TRAVEL COMPANY CONSIDERS ITS FUTURE

A German travel company decides to stop selling holidays in Italy and instead to offer holidays in a new destination. This is the Maldives, a group of island in the Indian Ocean, famous for their long hours of sunshine and sandy beaches.

Tourism is a fast growing industry. Not all families, however, are able to go on holidays whether at  home or abroad. Most of those who take holidays would like to have more holiday breaks.

a.       What evidence is there in the passage of scarcity?(3)

b.      Using examples identify three factors of production involved in providing holidays in the Maldives?(6)

c.       (i) Explain the difference between economic goods & free goods.(4)

(ii) Identify a free goods from the passage.(1)

Solve the project - HDI

Dear Student of grade 10 D & F

Take a print & solve the project

Assignment One

Microeconomics of Development

In this assignment you will have the firsthand experience is calculating the HDI for 100 countries. This would give you a better sense of the level of development in these countries and enable you to understand the role of education, health and income in economic development.

To get started

1. Go to http://hdr.undp.org/en/statistics/data/

2. Download the variables needed to calculate the HDI for 100 countries of your choice. Make sure your sample has at least 30 countries from each of the high, medium and low human developed countries. Download the GDP per capita (PPP) variable for these countries.

Is the HDI an improvement over the GDP per capita as indicator of development? Please answer in light of the following:

1.      Calculate the HDI for your selected sample. Compare with the HDI estimate provided by the UNDP.

2.      Compare ranking of countries by the HDI and by the GDP per capita (PPP) for your sample. [Sort countries from lowest to highest HDI values and GDP/N values]

3.      Do you see any automatic link between a nation’s per capita income and its level of human development?

Home work for 9E students ( Public Sector Finance)

Dear, 9E students,

Solve the following as home work which i am going to check in my next class!!!!

EXERCISE-1  Page: 269   CURRENT or CAPITAL

Look at the jumble of goods and services provided or paid for by public expenditure. They relate to the provision of a Public health service and public, or state,education

Nurses’ wages                                    Labaratories                                   Swimming pool

Uniforms                                             beds                                               Sports equipment

X-ray equipment                                 Pens                                                Photocopy paper

Medicines                                            computers                                     Teachers’ salaries

Heating                                                exercise books                               knives

Electric Power                                     New   School buildings                 Ambulances

Heart Monitors                                    Kidney Machines                           New Hospital

Breathing equipment                           Bandages

1.  Rearrange the jumble into two lists: (a) those goods and services you think would be needed to provide health service and (b) those you would expect are required to run a school and teach students. Some items may appear in both your lists

2. Now for each list identify those items or services that will be paid for by current expenditure and those that will be classified as capital expenditure.

Opportunity Cost : Video link

Dear Students of Grade 8B & 8D,
Watch this video twice care fully & write a report on your understanding about the topic.
here is the link:
http://www.youtube.com/watch?feature=player_detailpage&v=ci7uwsuMH-c

Practice Questions for Grade 10

Dear 10 grade Students,

According to the information given to you here are 2 practice questions for you!!

I will check on Monday

Q. It was reported that in a country the poorest households spent 30% of their income on food while the richest households spent 13% of food.

(a) Do these figures mean that the actual amount that the richest households spent on food is lower than that spent by the poorest households? Explain your answer. [4]

(b) Ali has started his first job. Faizal is now in a senior position in her company. Describe how the expenditure pattern of these two people might be different. [4]

Requirement for Class Activity - for Grade 8

Dear 8th Grade Students,
We are going to have a class activity on "Needs & Wants" on Monday(8B) / Tuesday(8D).
Here is the home assignment for you all for the same!!!!
Complete it & come.

Activities
1 People often want (or value) things they don't possess. Make a 'wish list' of ten things you would like to have. Beside each item mark whether you think each one is a need or a want.

2 Imagine you were going to spend three months camping on a tropical island with no services and were allowed to take ten items with you. List the ten items.

3 Extra activity (Homework) If you have a part-time job or receive pocket money explain how you prioritise the ways in which you will or would like to spend the money. List the ways in which you spend your money (or intend to spend it) and state whether that expenditure is for a need or a want.