What are the major factors of production class 9?
There are four factors of production i.e. land, labour, physical capital and human capital.
What is capital in factors of production?
Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital.
Which is the most abundant factor of production & Why?
Among the three factors of production, we found that labour is the most abundant factor of production. There are many people who are willing to work as farm labourers in the villages, whereas the Opportunities of work are limited.
Which is the most abundant factor of production in villages in India?
Labour is the most abundant factor of production in countries like India.
Which is the most abundant factor of agriculture?
labour
Which is the most abundant factor in village Palampur?
Answer
- Capital (investment)
- Physical labour.
- Water supply.
- Electric supply.
- Raw materials.
- Market.
- Suitable climate.
Which factors of production is most abundant in Palampur village?
Land
Which is the scarce natural factors of production?
Scarce natural factors of production are land and non-renewable resources like petroleum and coal.
Which factor of production is most scarce and why?
Land is the most scarce factor because unlike capital, entrepreneurs and labour, it is limited and only a certain amount can be used. 2 labour that will do the work.
Why land is called a scarce factor of production?
While production factors such as labor is needed for training or educational processes and other services related to the human resource, capital as a material stock is needed to be made available before the production processes commences. Also, land does not need as much labor or material to produce.
What are the features of capital?
Capital has several important characteristics that are as follows:
- Capital is a Passive Factor. Capital is a passive factor of production.
- Capital is Man-Made.
- Capital is not Indispensable.
- Capital has high mobility.
- Capital is Elastic.
- Capital Depreciates.
- Capital is Productive.
- Capital is Temporary in Nature.