some production activities require highly educated labour. Question 16. A. states that a country specializes in producing and exporting goods using the factors of production that are most abundant and thus cheapest - not the goods in which it is most productive. Show transcribed image text. "Continental Effects (North America)." Labor is generally considered a fixed factor because most countries don’t have borders that are wide open to immigration, although of course some labor moves across international borders. Which is the most abundant factor of production - Social Science - The Story of Village Palampur community of UPSC. . Why are the southern slopes in Himalayan region covered with thick vegetation cover as compared to northern slopes of the same hills? Accessed April 9, 2020. Correct answer is option 'C'. labour. Answer: Physical capital includes variety of inputs required at every stage during production like machines, raw material etc. Labour being the most abundant factor of production, it would be ideal if new ways of farming used much more labour. Our understanding of the concept of factors of production is rooted for the most part in neoclassical economics. What was his theory of socialism ? labour is the most abundent factor of production. The payment for capital is interest. India, Create questions or review them from home. .fnt { } Which is the most abundant factor of production in India? The use of labour on farms is limited. agree to the. margin-left: auto; With three factors of production, the HO model does not predict much. Answer: Labour. Sushrita Das, Meritnation Expert added an answer, on 25/6/13 Land is the most abundant factor of production in Palampur. text-transform: none; Required desktop or laptop with internet connection, All Content and Intellectual Property is under Copyright Protection | myCBSEguide.com ©2007-2021, What is the most abundant factor of production in palampur, Why are the western slopes of the western ghats covered with thick forests and not the eastern slopes, Why Louis was not appreciate by the people. Test your knowledge on Economics Quiz on Factors of … margin-right: auto; 18 terms. Which is the most abundant factor of production in India ? and mark as it brainliest. Capital refers to all manmade resources used in the production process. Can you explain this answer? Land is short for all the ... "Abundant Natural Resources." Labor is generally considered a fixed factor because most countries don’t have borders that are wide open to immigration, although of course some labor moves across international borders. Which statement about erythrocytes is true? Which is the most abundant factor of production in India? Among the three factors of production, we found that labour is the most abundant factor of production. If there are more goods than factors, n >r, factor price equalization FPE may not hold. By land is meant…..materials and forces which nature gives freely for man’s aid, in land, water, in air, light and heat. 2 years, 7 months ago, Ujjwal Mittal over here on EduRev! (a topic for graduate students) copper mine in Arizona It is possible to have K 1 /L 1 > K 2 /L 2 and K 1 /N 1 K 2 /N 2. Apart from being the largest UPSC community, EduRev has the largest solved Question 17. This is because the profitability of goods is determined by input costs. Human capital is the most important factor of production because of the following reasons: (i) Gifted with life and reasoning power, humans can make use of the land, labour and physical capital. Factor price equalization – The relative prices for two identical factors of production will eventually be equalized across countries because of international trade. Answer: Fixed capital, Working capital. YOU MIGHT ALSO LIKE... 4. What is the function of thrombocytes? The factor proportions theory holds that countries should concentrate production on those products that use their most abundant production factors. What is meant by human capital formation? … }, No software required, no contract to sign. By continuing, I agree that I am at least 13 years old and have read and Factor abundance is a bilateral concept in factor proportions trade theory that has no definition when there are many countries and various factors of production. Erythrocytes are biconcave in shape . Explain by giving examples. Question bank for UPSC. Which is the most abundant factor of production in India?a)Landb)Capitalc)Labourd)Tools and machinesCorrect answer is option 'C'. eCON 101;chp 5. This problem has been solved! Which is the most abundant factor of production in India ? o Country similarity Countries that are in similar stage of development will trade, because consumers in such countries will have similar preferences o Product life cycle Introduction stage: The inventor country enjoys a monopoly both in manufacturing and exports. What are the controls affecting the climate of India ? They are paid low wages, and lead a difficult life. Who was Karl Marx ? Accessed April 9, 2020. Related theorems. true. Land as a Factor of Production . EduRev is a knowledge-sharing community that depends on everyone being able to pitch in when they know something. 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