Which is The Most Abundant Factor of Production in India
Ans. (2) Labour
Which is The Most Abundant Factor of Production in India: Solution
There are majorly four factors of production i.e. Land, Labour, Capital, and Entrepreneurship. The most abundant factor of production in India is Labour. Labour refers to the people who do the manual work that is mostly unskilled or semi-skilled work.
Factors of Production
Factors of Production are the resources or the inputs that are required in the process of production to produce the output or the finished goods and services. These four factors of production are the building blocks of the economy. Proper balance needs to be maintained in order to provide to provide goods and services at an affordable price at the right time and right place. If any of the factor is missing, then the cost of production increases, forcing the supplier to charge a higher price to the consumer.
For more such interesting information, stay tuned with DefenceAdda.
Factors of Production: FAQs
Q1. What are the four factors of production?
Ans. There are four factors of production, namely, Land, Labour, Capital, and Entrepreneurship.
Q2. How do the four factors of production interrelate?
Ans. Each factor of production is important to produce the best output. If any of the factor is missing, it directly impacts the output. For example, increase in capital requires more entrepreneurship, which necessitates more land and labor for production.