Question: Which Is The Most Abundant Factor Of Production?

What is the aim of production?

The aim of production is to produce the goods and services that we want.

There are four factors of production: (i) Land.

The first requirement of production is land, and other natural resources such as water, forests, minerals..

Which is a scarce factor of production Why?

Capital is the most scarce factor of production . Small farmers usually take loans from money lenders and it is difficult to repay for them . Therefore capital is too scarce factor of production generally for small farmers.

What is the main source of capital for medium and large farmers?

The main source of capital for the medium and the large farmers is by selling the surplus sale in the markets and earn good profits. They also have savings which they can use in the season and again save and use that savings in the next season.

How do small farmers arrange the capital?

Small farmers generally borrow money to arrange the capital for their farming. They borrow it from large farmers, village moneylenders or traders.

What is the aim and objective of production?

Production management is ‘a process of planning, organizing, directing and controlling the activities of the production function. … The objective of the production management is ‘to produce goods services of right quality and quantity at the right time and right manufacturing cost’.

What are the 3 types of production?

There are three main types of production to choose from:Job production, where items are made individually and each item is finished before the next one is started. … Batch production, where groups of items are made together. … Flow production, where identical, standardised items are produced on an assembly line.

What are the 7 factors of production?

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

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.

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 is most abundant factor of production in India?

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

Which of the following factor is abundant in Palampur?

⭕labour is the most abundant factor in village Palampur.

Which is the most scarce factor of production?

capitalSmall 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. Though both land and capital are scarce, there is a basic difference between the two factors of production.

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.

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.

How do large and medium farmers of Palampur arrange for the capital for agriculture?

(i) The medium and large farmers have their own savings from farming. They are thus able to arrange for the capital needed. … They borrow from large farmers or the village moneylenders or the traders who supply various inputs for cultivation. (iii) The rate of interest on such loans is very high.

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.

Who are the small farmers in Palampur?

THE SMALL FARMERS ARE THOSE WHO CAN NOT TAKE LOAN FROM BANK. THEY TAKE LOAN FROM LANDLORDS AND THEN SOMETIMES NOT ABLE TO PAY BACK AND LOSE THEIR LAND.

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. …