Question: What Is The Most Abundant Factor Of Production?

Which is the most abundant factor of production in India Class 9?

LandLand is the most abundant factor of production in India.

it is an active factor of production without whose cooperation land and capital cannot produce anything.

The natural resources of a country will remain underutilised in the absence of labour..

Why do farmers of Palampur follow multiple cropping?

The farmer of Palampur form multiple cropping because their land is to be fertile by doing multiple cropping the farmer grow different seeds because when one crop is damaged they can be used another and by selling they can earn money.

Which is the most abundant factor of production and 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.

Why land is the most important factor of production?

Land is considered the primary factor of production. Land is rich in coal, water and petroleum, which are used for generating power. … Land is of great importance to mankind. A nation’s economic wealth is directly related to the richness of its natural resources.

What factor of production is steel?

To make the steel, the plant used iron and other minerals. Coal was burned to melt the materials together. All of these resources are examples of “land” as a factor of production. The second factor of production is labor.

Which are the four main factors of production?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Which factor of production is fixed and scarce *?

Answer. Small farmers usually need to borrow money to arrange for the capital, and are put to great distress to repay the loan. Therefore, capital too is a scarce factor of production, particularly for the small farmers.

Is time a factor of production?

Classical economic theory describes three primary factors, or inputs, to the production of any good or service: land, labor, and capital. … Sometime even prior to this new millennium, the primary factors of production have now assuredly become: Time, Information and Capital.

Which factor 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.

Which is the scare factor of production?

If you mean , “which factor of production is scarce”? Then my answer would be ‘Land’. Land is a scarce natural resource. You cannot increase it, though you can turn wastelands into more cultivable land.

Which of the following is an abundant factor in village Palampur?

labour⭕labour is the most abundant factor in village Palampur.

Which is the most abundant factor of production in India *?

LabourLabour is the most abundent factor of production in especially countries like India, which are located Below Poverty Line(BPL).

Which is the most abundant factor of production in India * A land B Capital C Labour D tools and machines?

Labour is the most abundant factor of production in countries like India.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

Is money a factor of production?

In economics, capital typically refers to money. But money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or pay wages.

What is main production activity in Palampur village?

FarmingFarming 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.

What are the four factors of production explain Class 9?

There are four factors of production i.e. land, labour, physical capital and human capital. The first requirement for production is land. Land as a production factor also includes other natural resources like water, forests and minerals found in the earth’s crust. …

Which is the most important factor of production?

Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

Which is the most important natural factor of production?

Land includes not only the site of production but also natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor. Entrepreneurship is also sometimes considered a factor of production.

What are the importance of factors of production?

The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.