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Factors of Production
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This lesson explains the concept of the factors of production

Awdhesh Singh is teaching live on Unacademy Plus

Awdhesh Singh
Director, AwdheshAcademy.com, An E-learning platform for Civil Services, Schools, GST etc., IITian, Former IRS Officer CSE-1989 rank 272

Unacademy user
sir what is the difference between labour and worker?
Awdhesh Singh
a month ago
Labourers are usually deal with the manual work while the workers is a broader definition and it can be Blue Collar worker or can be a white collar worker during with with mental and intellectual work
Somu s
a month ago
Thanks for this valuable information sir
,thanks sir... I hope you will also cover the summary of class 10,11 & 12 th... as soon as it possible before April last.
sir please make a course on class 12 macro economics NCERT
Awdhesh Singh
2 months ago
Ok
  1. Factors of Production (Class IX, Chapter 1 : The Story of Village Palampur) Dr Awdhesh Singh, Director, Awdhesh Academy Former Commissioner, Customs and Indirect Taxes


  2. .B Tech from IIT-BHU Varanasi, M Tech from IIT-Delhi &PhD IIITM-Gwalior in 2008 Joined IRS (C&IT) in 1991. Received WCO Certificate of Merit in 2011 Received Presidential Award from Government of India in 2016 Took VRS in October 2016 in the rank of Commissioner . Fifth Most Followed Writer on Quora in the world with around 2.5 lakhs followers and over 118 Million Answer views . Authored four bestselling books on the topic of Spiritual Intelligence Leadership, Myths, and GST .New book '31 Ways to Happiness' has been released recently Book on 'Ethics, Integrity and Aptitude' is expected to be released soon Follow Me @ 2I Director, Awdhesh Academy unacademy.in/user/aksinghirs AwdheshSingh.com


  3. The Story of Village Palampur Palampur is an imaginary village whose story is used to describe village economy and the different concepts of economy It is a small village of about 450 families belonging to different castes Upper caste people own most of the land and live in brick-house It has two primary and one high school .It has one primary health centre run by government and a private dispensary


  4. Factors of Production The aim of production is to produce the goods and services that we want. There are four requirements for production of goods and services. Land and other natural resources . Labour Physical Capital . Human Capital .Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production


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  6. 1. Land Land and other natural resources like water, forest and mineral are needed for production . Land area of cultivation is almost fixed However, cultivable land area may be increased by conversion of come wasteland to cultivatable land .Standard unit for measuring land is hectare 1 hectare 10,000 sq meter 1 hectare = 2.47 acres


  7. 2. Labour pheyuertiothe people who are willin to work for production It includes highly skilled activities as well as manual labour


  8. Farm Labour .Farm labourers come either from landless families or families cultivating small plots of land Labours are paid wages by the farmer in cash or in kind e.g. a share of crop Wages vary widely from region to region, from crop to crop, from one farm activity to another (like sowing and harvesting) Most labourers are employed daily during the sowing and harvesting seasons and remain unemployed most of the year.


  9. 3. Physical Capital Fixed Capital likee Tools, Machines, Buildings Farmer's plough Generators, turbines. Computers Working capital These are used in the production Raw material (yarn, clay etc.) Money in hand


  10. 4. Human Capital Knowledge to put land, labour and physical capital to appropriate use to produce an output


  11. Capital Needed for forming Modern farming methods require a great deal of capital to buy seeds, fertilisers, pesticide, irrigation etc, Most small farmers have to borrow money to arrange for the capital. .They borrow from large farmers or the moneylenders or the traders and the rate of interest on such loans is very high. The medium and large farmers have their own savings from farming. They sell their surplus product in the market and earn money which is kept in bank earning interest, giving loans to small farmers, creating assets like tractors, cattle etc. or set up shops. . The sale proceeds is also used as capital for the next season. They also constitute the capital for non-Tarm activities