Q.Name the four factors of production and state the reward that each one earns.

Land is immobile, so 'it is mobile' is not a characteristic of land — the answer is option (d).

Land is one of the four factors of production. Its main characteristics in the Tamil Nadu HSC Class-11 Economics syllabus are:

• It is a free gift of nature (not produced by human effort).
• Its supply is fixed / limited — the total quantity of land cannot be increased.
• It is heterogeneous — no two pieces of land are exactly alike in fertility or location. …

The correct option is (d) Production function: it links inputs to output.

A production function states the maximum output that can be obtained from any given combination of factor inputs (land, labour, capital, organisation), for a given state of technology. Symbolically Q = f(L, K, …). It is a technical, not a monetary, relationship.

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The functional relationship between inputs and outputs is called the production function.

The production function states the technical relationship between the factors of production (inputs such as land, labour, capital and organisation) and the resulting output, for a given state of technology. It is written as Q = f(L, K, ...), meaning output Q depends on the inputs used. The savings, consumpt …