Land : It is a factor of production that is used for cultivation or construction. Since most of the resources necessary to carry on production are scarce relative to demand for them they are called economic resources. Labor is the mental and physical efforts of humans (excluding entrepreneurial organization) used for the production of goods and services. After answering the question, you will receive 10 points. For example, Land, Labour, Market, Capital are the main factors of production. Here are some tips to help you understand the five factors … There are four factors of production i.e. Plz answer this asap.) Capital is the manufactured, artificial, or synthetic goods used in the production of other goods, including machinery, equipment, tools, buildings, and vehicles. Capital refers to the investments made to produce goods and services. It consists of 5 marks so please give the answer according to the marks. There are many people who are willing to work as farm labourers in the villages, whereas the Opportunities of work are limited. (Class 9th Economics, The story of Village of Palampur. Ask your question. This is done by combining the factors of production i.e., land, labour, physical Vital and human capital. Small farmers along with the other numbers of their family cultivate their own fields. Ans. 4. For convenience, we will refer to the physical capital as the capital in this chapter. Entrepreneurship is the factor that organizes the other three. Labour is an abundant factor of production. After land, labour is the second most necessary factor for production. • Organization of Production • Farming in Palampur • Non-Farm Activities in Palampur. What was the benefit of electricity in Palampur? Question 1. The part of physical capital which can be used in production to make payements and buy other necessary item in short periods. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. 4. Nothing is Impossible, so is your Studies. 1. It is very good answer I like these person, I am doing my holiday assignment of economics on topic factors of production but I don't like ur article because it is so much short but understanding is outstanding, This answer is very good but all answer are not define in students language , great answer. → Small scale manufacturing, dairy, transport, etc. Related: Long Answer Questions Chapter 1 – The Story of Palampur, Class 9, SST (Economics)? The second requirement for production is labour or workforce. Factors of Production: Production of a commodity or service requires the use of certain resources or factors of production. Labor includes both the physical effort of factory workers and farmhands often associated with labor, as well as the mental effort of executives and supervisors. Some production activities require highly educated workers to … Offered for classes 6-12, LearnNext is a popular self-learning solution for students who strive for excellence, Write about non farming activity in palampur, What are the positive and negative aspects of green revolution, How is land distributed among the farmers of PalampurHow is land distributed among the farmers of Palampur, what are merit and demerit of green revolution, describe the requirements of production of goods and services, Sample papers, board papers and exam tips. Join now. A key component of entrepreneurship is risk. 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. They are the inputs for the process of production. Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. 8. Nov 14,2020 - explain the 4 charcteris tics of land as a factor of production in detail. The Story of Village Palampur - Factors of Production (Part -1) Factors/Requirements for Production Every production is organised by combining land, labour, physical capital and human capital, which are known as Factors of Production . Labor is the mental and physical efforts of humans (excluding entrepreneurial organization) used for the production of goods and services. Land is the naturally occurring materials of the planet that are used for the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Question 3. Participate in learning and knowledge sharing. Tools, Machinery, Building etc. There are four requirements for production of goods and services. Answer: The main aim of production is to … How Palampur Village is well connected with its neighboring villages and towns? (i) Farming at Palampur : Farming is the main activity in village Palampur. Expansion in production is done due to methods of multiple cropping and use of modern farming methods. Find an answer to your question explain the production factors of Palampur 1. Answer: The village has a well-developed system of irrigation. are carried out on a limited scale in the village. Land area available for farming is fixed. explain with examples. There are 3 types of Labour - Skilled / Semi-Skilled  and Unskilled. Land, labour , physical capital , human capita are the factors of production . Therefore it is the most important factor/requirement for production . Labour 3. Mainly, the factors of production consist of any resource that is used in the creation of a good or service. Enterpreneur 1. What is the main reason behind growing three different crops in a year? Medium and large scale farmers hire farm labourers to work on their fields. 2. The neighboring towns of the village are well connected and all-weather road… Our counselor will call to confirm your booking. What are the factors of production? 3. Land is the naturally occurring materials of the planet that are used for the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Question 2. The Palampur village has around 450 families which belong to different caste and creeds. There are 4 factors/requirements for the production of goods and services. Q18: What health facilities are available in Palampur village? → To introduce some basic concepts relating to production. These are the people who do the different tasks involved in production. (a) It is the most common way to increase production on a given piece of land. Q19: What is the main aim of production? Entrepreneurship is the factor that organizes the other three. Call our LearnNext Expert on 1800 419 1234 (tollfree) OR submit details below for a call back. It requires human effort to make it a productive resource. Question 3. Some production activities require highly educated workers to perform the necessary tasks, whereas some other require workers who can do work manually. | EduRev Class 9 Question is disucussed on EduRev Study Group by 154 Class 9 Students. Physical capital - (a) fixed Capital (b) Working Capital 4. Answer: Palampur has a primary health centre run by the government. Without Human Capital land, labour and capital are useless. 2. It also has one private dispensary. Factors of production are the resources that help to produce goods and services. While knowledge is as old as humankind, it is only recently that it has been recognized as a factor of production. e.g., (i) Multiple Cropping When more than one crop is grown on a piece of land during the year it is known as multiple cropping. They are the resources businesses use to create wealth. 5. They belong to either landless families or ____. (1) Creation of goods and services for the satisfaction of human wants is called Production.