Question

Village Palampur compared to other village?

Answer 1

Answer:

Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories. They are land and labour, as capital is created by the application of labour on land and an entrepreneur is the human resource who performs and controls the business. Therefore, land and labour are the primary factors of production, whereas capital and the human capital are the secondary factors of production.