The Story Of Village Palampur
Q. What are the main factors of production in Palampur ? Explain each one of them
Answers
Answer:For the production of services and goods of any type, there are four factors that are used in the production. They are land, capital, labor, and enterprise. Out of these four factors, the first and the most important factor is land. Land includes other natural resources like forests, minerals, and water.
Answer:
The first requirement is land and other natural resources suggest water,forest ,minerals.
The second requirement is labour that is people who will do the work .each worker provides the labour necessary for production.
The third requirement is physical capital that is the variety of inputs required at every stage during production.. it is divided into fixed capital which contains machinery used for many years and working capital which includes raw materials and money in hand.
The fourth and the last requirement is called human capital which is used to be able to put together land, labour, and physical capital to produce an output to use yourself or to sell in the market