Which is the Most Abundant Factor of Production in India?
By BYJU'S Exam Prep
Updated on: September 12th, 2023
Labor is the most Abundant Factor of Production in India. The resources or inputs required during the production process to create finished goods and services are referred to as factors of production. The foundation of an economy is made up of four productive components. If an ingredient is missing the cost of production increases, prompting the provider to raise the price to the consumer.
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Abundant Factor of Production in India
The four main production variables are land, labor, capital, and entrepreneurship. Labor is an abundant factor of production in India.
- The term “labor” refers to people who do manual labor, which is usually an unskilled or semi-skilled job.
- The current understanding of what constitutes a factor of production is mainly derived from neoclassical economics.
- It incorporates earlier economic ideas into a single formulation, which includes socialism’s concept of labor as a factor of production.
- The land has a broad definition and as a factor of production can take many different shapes.
- Other options include arable land, commercial property, and resources found on a particular piece of land.
- It is possible to extract and purify natural resources such as oil and gold for human consumption.
- Despite few job prospects, labor is the most abundant factor in production.
- Either they come from landless families or those who cultivate very little land.
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