What are the factors of production in village palampur? explain with examples.
Answers
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.
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
Explanation: