6. What a main occupation people of
palampur ? explain other economie
activity practice in Palampur
Answers
Answer:
A. The aim of production is to produce the goods and services that we want. There are four requirements for production of goods and services.
a. Land and other natural resources such as water, forest, minerals, etc.
b. Labour i.e. people who carry out the work for production.
1. Skilled labour: Highly educated workers to perfARm the necessary tasks.
2. Semiskilled labour or unskilled labour: They can do manual work.
c. Physical capital: The variety of inputs required at every stage during production.
1. Fixed capital: They can be used in production over many years.
2. EX: Tools, machines and buildings.
3. Working capital: The raw material and money in hand are called working capital. They are used up in the process of production and alter from day-to-day.
d. Human capital: Human knowledge and enterprise is needed to put together land, labour, and physical capital and produce an output. This is called human capital.
e.
. Dairy, cottage and small scale industry, shops etc. are some of the non-farm production activities