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What are the factors of production?
The chapter The Story of Village Palampur explains how different economic activities take place in a village. It describes farming as the main occupation and highlights the use of modern farming methods like HYV seeds and fertilizers. It also explains the role of non-farming activities such as dairy, transportation and small-scale manufacturing. The chapter discusses factors of production: land, labor, capital and entrepreneurship. It introduces the concept of surplus production and market exchange. The availability of resources like irrigation and electricity is also mentioned. Overall, the chapter provides an insight into rural economic life and development.
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The correct answer is: (c) Labour, land, capital, human capital
Explanation: The four main factors of production are:
1. Land – Natural resources used for production (e.g., soil, water, minerals).
2. Labour – Human effort (physical and mental) used in production.
3. Capital – Tools, machinery, and infrastructure used to produce goods and services.
4. Human Capital – Skills, education, and experience that enhance productivity.
This question related to Chapter 1 Social Science Class 9th NCERT. From the Chapter 1 The Story of Village Palampur. Give answer according to your understanding.
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