NCERT Solutions for Class 8 Social Science Chapter 7 – Factors of Production

NCERT Solutions for Class 8 Social Science Chapter 7 - Factors of Production teach students what economic resources are needed to produce products and services. In this chapter, students learn about the interaction of land, labour, capital and entrepreneurship as they relate to Economic Activity.

NCERT Solutions for Class 8 Social Science Chapter 7 - Factors of Production adhere to the most current syllabus guidelines established by the NCERT and the CBSE boards. The Economic Concepts Section is organized and structured clearly to promote clarity and confidence in student responses to examination questions, thereby supporting successful performance.

1.0NCERT Solutions for Class 8 Social Science Chapter 7 PDF Download

Students can quickly access the Factors of Production downloadable PDF document to facilitate efficient reviews and practice. Students will find an easy-to-understand writing style and a thorough curriculum outline developed by ALLEN's expert teaching staff to ensure that all students have a solid grasp of the major Concepts.

2.0NCERT Questions with Solutions Class 8 Social Science Chapter 7 – Detailed Answers

1. How are the factors of production different from each other? What are the difficulties you faced in classifying the factors of production in the exercise given in-text?

Ans. The factors of production—land, capital, human resources, technology and entrepreneurship—are quite different from each other and play different roles in production. Since these factors are interconnected, it is hard to understand the evolving production system without decoding their contribution. Their roles are complex and can function only when they are kept together in a required proportion.

2. How does human capital differ from physical capital?

Ans. Human capital is contradictory to physical capital. Human capital falls into the category of intangible resources and depicts education, training, skills, knowledge and expertise in a particular field. On the other hand, physical capital is tangible and facilitates tools, machinery, and several other equipment.

3. How do you think technology is changing how people develop their skills and knowledge?

Ans. The advancement in technology have increased accessibility and availability of various learning platforms. These platforms offer thousands of skills based courses both paid and free, providing updated information and study materials in various fields. These online courses and certifications enable people gain knowledge and shape or update their skills as per the changing job market demands. People can opt for workshops in various fields through these portals to get first-hand practical work and real-world-problem solving experiences.

4. A skill is something you learn and practice to get better. If you could learn one skill today, what would it be and why?

Ans. Skill is something that enhances the qualities of an individual. If I could learn one skill today it would be coding because it is in high demand around the world and holds immense value in modern time. It requires a deeper understanding of technology and a problem solving approach. It facilitates cognitive development and will allow me explore lucrative career paths and secure a high salaried job.

5. Do you think entrepreneurship is the ‘driving force’ of production? Why or why not?

Ans. Yes, entrepreneurship is the ‘driving force’ of production as it requires risk taking, innovation and solution based approach. Entrepreneurs combine all the factors of production and initiate a production process of quality products and services.

They generally bring up new and pinpointing ideas to the market and bear the risks to develop and expand them. Entrepreneurship is key to drive nation’s economy and generate employment.

6. Can technology replace other factors like labour? Is this good or bad? Support your answer with the help of an example.

Ans. Yes, technology can replace other factors of production like labour. The modern technologies are capital intensive and they demand less human labour. These technologies facilitate efficient and faster production process, boosting the productivity and product quality. New technologies are usually eco-friendly and cost-efficient which affect the proportion of the finished products. India has 66% of young population and it has become very difficult for everyone to secure a job in a desired field as the new technologies fosters less labour intensive systems.

7. How do education and skill training affect human capital? Can they substitute for each other, or do they complement each other?

Ans. Education and skill training are two key factors of human capital. For the production of quality products and to uplift productivity, it is required for the workers to be skilled, trained and have practical experience in the field. Education and skill training complement each other and together ensure the contribution of the workers to society’s economy.

3.0Key Topics Covered in Class 8 Social Science Chapter 7

• The 5 Types of Resources for Creating Value: A breakdown of the different types of natural resources, labor or human resources, capital, technology, and entrepreneurship and how they all fit together.
• Human Capital vs. Physical Capital: The disparity between intangible resources (knowledge and abilities) versus tangible resources (tools and machinery).
• The Importance of Technology: The impact of technology on skill creation and how it has affected the way products are produced through the use of digital technology.
• Entrepreneurship: The notion of entrepreneurship as the primary vehicle to bring together all resources and accept and manage risk.
• The Changing Nature of Work: The effect of both technology and capital investment on the role of human labour and jobs, which is profoundly significant in a youth-driven country like India.
• The Fusion of Educational & Practical Skills: The degree to which formal education and practical skills complement one another creates a synergistic relationship.

4.0Benefits of Studying Class 8 Social Science Chapter 7 – Factors of Production

• Professional Development: Identifies and discusses modern skills (e.g., coding) that can be developed and used for job advancement through online platforms, resources, etc.
• Economic Literacy: Provides students with a foundation for understanding production systems, inclusive of how individual resources are utilized and the contributions each makes to overall production.
• Analytical Thinking: Provides students with a framework for evaluating both potential advantages and disadvantages associated with automation and new technology on the job market.
• Holistic Growth: Emphasizes that both academic education as well as hands-on experience/skill sets play an important role in making someone a contributing member of society.