What are factors of production of rampur village
Answers
@Hirak here
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Every production is organised by combining land, labour, physical capital and human capital are known as Factors of Production. There are four requirements for the production of goods and services :-
⚫ Land and raw materials - They are a gift of nature and it is essential for any sort of production.
⚫ Labour
- Labour refers to the people who work for the production of goods and services.
⚫ Physical capital - Physical capital refers to the investment made to produce goods and services. There are 2 types of capitals used namely Fixed Capital and Working Capital :
➡ Fixed capital - A part of physical capital can be used in process of production over many years and cannot be altered in short periods. Tools, Machinery, Buildings etc. are the examples of fixed capital.
➡ Working Capital - A part of physical capital which can be used in production to make payments and buy necessary items in short periods. Raw Materials, Money in Hand etc. are the examples of working capital.
⚫ Human Capital - A person having knowledge and enterprise puts together land, labour physical capital to produce an output either for himself or to sell in the market is known as Human Capital. Without Human Capital land, labour, and capital are useless. Therefore, human capital is very important.
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Hope it helps you mate...
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Answer:
Explanation:
There are four requirements for the production of goods and services :-
⚫ Land and raw materials - They are a gift of nature and it is essential for any sort of production.
⚫ Labour
- Labour refers to the people who work for the production of goods and services.
⚫ Physical capital - Physical capital refers to the investment made to produce goods and services. There are 2 types of capitals used namely Fixed Capital and Working Capital :
➡ Fixed capital - A part of physical capital can be used in process of production over many years and cannot be altered in short periods. Tools, Machinery, Buildings etc. are the examples of fixed capital.
➡ Working Capital - A part of physical capital which can be used in production to make payments and buy necessary items in short periods. Raw Materials, Money in Hand etc. are the examples of working capital.
⚫ Human Capital - A person having knowledge and enterprise puts together land, labour physical capital to produce an output either for himself or to sell in the market is known as Human Capital. Without Human Capital land, labour, and capital are useless. Therefore, human capital is very important.
Hope it helps you