Quick Answer: Which Is The Most Abundant Factor Of Production?

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..

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. It includes the skilled and unskilled work force of a nation.

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.

What are the 4 requirements of production?

The main requirements for the production of goods and services are land, labor, physical capital, and human capital.

What are the 7 factors of production?

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

What is abundant factor production?

money or capital,land and labour are the abundant factor of production.

Which of the following is the most abundant factor of production in Palampur?

LandLand is the most abundant factor of production in Palampur.

What is the 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 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’.

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 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.

Is knowledge a factor of production?

Knowledge has become a key factor of production and it heavily affects the returns of Capital, Labor and Land.

Which is the most abundant factor of production India?

Land 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.

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.

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.