Podcast
Questions and Answers
What are the four factors of production mentioned in the text?
What are the four factors of production mentioned in the text?
land, labour, physical capital, and human capital
What is the primary production activity in Palampur?
What is the primary production activity in Palampur?
Farming
What is the constraint in raising farm production in Palampur?
What is the constraint in raising farm production in Palampur?
The fixed land area under cultivation
What is referred to as 'capital' in this chapter?
What is referred to as 'capital' in this chapter?
Signup and view all the answers
What is the relationship between farm production and the well-being of the people in Palampur?
What is the relationship between farm production and the well-being of the people in Palampur?
Signup and view all the answers
What is the primary goal of production?
What is the primary goal of production?
Signup and view all the answers
What are the two types of physical capital mentioned in the text?
What are the two types of physical capital mentioned in the text?
Signup and view all the answers
What is the second requirement for production, and what type of workers are needed for this requirement?
What is the second requirement for production, and what type of workers are needed for this requirement?
Signup and view all the answers
What is the purpose of raw materials and money in hand in production?
What is the purpose of raw materials and money in hand in production?
Signup and view all the answers
What is the fourth requirement for production, apart from land, labour, and physical capital?
What is the fourth requirement for production, apart from land, labour, and physical capital?
Signup and view all the answers