Question

What are the factors of production?

Name the main production activity of Palampur.

What capital is needed as first priority to set up a jaggery manufacturing unit?

Answer 1

Answer:

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

Answer 2

1. In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function
2. Farming is the main production activity in Palampur. 75 per cent of the people who are working are dependent on farming for their livelihood. They could be farmers or farm labourers
3. Explanation: Fixed Capital is needed as first priority to set up a jaggery manufacturing unit. The important requirement for Jaggery manufacturing unit is "SUGARCANE AND SUGARCANE CRUSHING " equipment which can be both manual and electric