What are the factor of production in the village palampur?
Answers
Answer:
There are four factors of production which are prevailed in Palampur.
These factors of production are as follow:
1. Land- Land and other natural resources
2. Labour- the people who do the work
3. Market- The healthy competition
4. Capital—Investment required in the business and the various inputs required at every stage.
Explanation:
Answer:
(i. land
(ii.labour
(iii.physical capital:-
* fixed capital
* working capital
(iv. Human capital
Explanation:
Land : rthe first requirement is land other natural resources .Eg:Water,froest,mineral
Labour: This refers to the people who do the work this includes skilled and unskilled labours some production activities requires highly educated workers to performs the neccesary tasks other activities require worker who can do manual work
Physical capital: This is classified into fixed capital and working capital.
(a.Fixed Capital: This includes tools,machine and building that can be used in production over many years
(b. Working capital : Raw materials and money in hand are called working capital.
Human capital: This is the stock of skill and productive knowledge emboided in them