Define Factor of
Production.
2.
What is the main economic activity in Palampur?
3.
What are the four factors of Production?
4.
What was the benefit of electricity in Palampur?
5.
What facilities are available for education and health in Palampur?
6.
What do you mean by
fixed
capital?
7.
What is the first and foremost requirement for the production of goods and
services?
8.
What do you mean by working capital?
9.
What do you mean by Multiple Cr
opping?
10.
Write any two features of Traditional
Answers
Factors of production:
*Land
*Labour
*Capital
*Enterprenurship
*Technology
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1. In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
2. Farming is the main production activity in Palampur.
3. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
4. The spread of electricity supported the Palampur farmers as it helped to change the village's irrigation system. Persian wheels were historically used by farmers to draw water from wells and irrigate small fields.
5. Palampur has two primary schools and one high school. There is a primary health centre run by the government and one private dispensary where the sick are treated.
6. Fixed capital is the portion of total capital outlay of a business invested in physical assets such as factories, vehicles, and machinery that stay in the business almost permanently, or, more technically, for more than one accounting period. ... This includes raw materials, labor, operating expenses, and more.
7. The first and foremost requirement for the production of goods and services is the land and other factors of production like labour and capital.
8. Working capital is the amount of cash a business can safely spend. It's commonly defined as current assets minus current liabilities. Usually working capital is calculated based on cash, assets that can quickly be converted to cash (such as invoices from debtors), and expenses that will be due within a year ...
9. In agriculture, multiple cropping or multicropping is the practice of growing two or more crops in the same piece of land during one growing season instead of just one crop. ... This cropping system helps farmers to double their crop productivity and income.
10. The traditional society have the following main features:
(i) Dominance of Agriculture:
(ii) Dominance of Family and Caste System: