LOCATION AND STRUCTURE OF INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Capital
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Labour
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Tools and Machines
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Detailed explanation-1: -Labour is the most abundant factor of production in India. it is an active factor of production without whose cooperation, land and capital cannot produce anything. The natural resources of a country will remain underutilised in the absence of labour.
Detailed explanation-2: -Labor as a factor of production refers to the effort that individuals exert when they produce a good or service. For example, an artist producing a painting or an author writing a book. Labor itself includes all types of labor performed for an economic reward, such as mental and physical exertion.
Detailed explanation-3: -There are four factors of production-land, labour, capital, and entrepreneurship.
Detailed explanation-4: -The land is the most abundant factor.