Question: Which Is The Most Important Factor Of Production In Palampur?

What are the 3 main factors of production?

There are three basic resources or factors of production: land, labour and capital.

The factors are also frequently labeled “producer goods or services” to distinguish them from the goods or services purchased by consumers, which are frequently labeled “consumer goods”..

What is the main production activity in Palampur village?

FarmingFarming is the main production activity in Palampur. 75 per cent of the people who are working are dependent on farming for their livelihood. They could be farmers or farm labourers.

Which is the most important natural factor of production?

One uses the land to produces goods. It is the primary and natural factor of production.

What is a scare factor of production?

Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and.

What is the aim of production class 9?

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.

Which is a scarce factor of production Why?

Capital is the most scarce factor of production . Small farmers usually take loans from money lenders and it is difficult to repay for them . Therefore capital is too scarce factor of production generally for small farmers.

What are the four factors of production explain Class 9?

There are four factors of production i.e. land, labour, physical capital and human capital. The first requirement for production is land. Land as a production factor also includes other natural resources like water, forests and minerals found in the earth’s crust.

Which is the most important factor of production class 9?

Answer. Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

What are main factors of production?

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

Which is the most abundant factor of production in India *?

LabourLabour is the most abundant factor of production in India.

What are the 4 requirements of production?

The main requirements for the production of goods and services are land, labor, physical capital, and human capital.

What is the aim and objective of production?

Production management is ‘a process of planning, organizing, directing and controlling the activities of the production function. … The objective of the production management is ‘to produce goods services of right quality and quantity at the right time and right manufacturing cost’.

Which is the most abundant factor of production in Palampur?

Among the three factors of production, we found that labour is the most abundant factor of production.

Which factor of production is most scarce and why?

Land is the most scarce factor because unlike capital, entrepreneurs and labour, it is limited and only a certain amount can be used.

How many families live in Palampur?

450 families1 Answer. About 450 families belonging to several different castes live in Palampur.

Which is the most abundant factor of?

Land is the most abundant factor of production in India. it is an active factor of production without whose cooperation land and capital cannot produce anything. The natural resources of a country will remain underutilised in the absence of labour. Labour is the source of wealth.

What are the 6 factors of production?

Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.