Question

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Class: Economics, lesson: the story of village Palampur
Read the lesson and answer the following questions:
1. Define the term production.
2. What are the main factors of production. Explain briefly.
3. Differentiate between the physical capital and fixed capital.
4. What is known as multiple cropping?
5. How did the spread of electricity help the farmers in Palampur?
6. What is the difference between multiple cropping and modern farming method?
7. Define the term Green Revolution. What are the limitations of Green Revolution?
8. Is it important to increase the area under irrigation?
9. What do you mean by HYVs?​​​​​

Answer 1

Answer:

1. Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.The area of economics that focuses on production is referred to as production theory, which in many respects is similar to the consumption (or consumer) theory in economics.

2. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship.

To put it in different terms, the factors of production are the inputs needed for supply. Mainly, the factors of production consist of any resource that is used in the creation of a good or service.

Since these factors are limited by nature, and human wants are unlimited, we, as a country, face a shared decision over the efficient allocation of these scarce resources or factors of production.

3. In economics, physical capital refers to a factor of production (or input into the process of production), such as machinery, buildings, or computers. In economic theory, physical capital is one of the three primary factors of production, also known as inputs production function.

Working Capital refers to the capital, which is used to perform day to day business operations. Fixed capital investments include durable goods, which will remain in the business for more than one accounting period. On the other hand, Working capital comprises of short-term assets and liabilities of the business.

4.

In Palampur, people thought of implementing the concept of multiple cropping and grew three different crops on the same piece of land with the assistance of electricity and well developed irrigation system.

They began, by the initial installation of tube wells with the help of government and with time multiple private tube wells were constructed.

HOPE IT HELPS !!