what is the scarce factor of production in palampur?
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Every production is organised by combining land, labour, physical capital and human capital, which are known as Factors of Production.
There are 4 factors/requirements for the production of goods and services.
1. Land and Raw Materials: - They are a gift of nature and it is essential for any sort of production
2. Labour:-
Labour refers to the people who work for the production of goods and services.
There are 3 types of Labour - Skilled / Semi-Skilled and Unskilled
Some production activities require highly educated workers to perform the necessary tasks, whereas some other require workers who can do work manually.
3. Capital/Physical Capital : -
Capital refers to the investments made to produce goods and services.
There are 2 types of Capital namely Fixed Capital & Working Capital.
Fixed Capital: The part of physical capital which can be used in process of production over many years and cannot be altered in short periods. Tools, Machinery, Building etc.
Working Capital: The part of physical capital which can be used in production to make payements and buy other necessary item in short periods. Raw Materials, Money in Hand
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There are 4 factors/requirements for the production of goods and services.
1. Land and Raw Materials: - They are a gift of nature and it is essential for any sort of production
2. Labour:-
Labour refers to the people who work for the production of goods and services.
There are 3 types of Labour - Skilled / Semi-Skilled and Unskilled
Some production activities require highly educated workers to perform the necessary tasks, whereas some other require workers who can do work manually.
3. Capital/Physical Capital : -
Capital refers to the investments made to produce goods and services.
There are 2 types of Capital namely Fixed Capital & Working Capital.
Fixed Capital: The part of physical capital which can be used in process of production over many years and cannot be altered in short periods. Tools, Machinery, Building etc.
Working Capital: The part of physical capital which can be used in production to make payements and buy other necessary item in short periods. Raw Materials, Money in Hand
p
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