Explanation
The total quantity of land does not undergo any change. It is limited and cannot be increased or decreased with human efforts. No alteration can be made in the surface area of land.
Production is the transformation of inputs into outputs. When goods are produced, there is a creation of value in them. And when they are able to satisfy a want it is said to have utility. Thus production is the creation of value and utility and the goods and services produced have the ability to satisfy a want.
The resources used by the businesses to produce goods and services are called the factors of production. These can be durable or non-durable. Non-durable factors are the ones that are over once they are consumed. Durable factors are the ones which last for a long time. The factors of production are land, labor, capital, entrepreneur.
Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production.
The first requirement is land, and other natural resources such as water, forests, minerals.
The second requirement is labour, i.e. people who will do the work. Some production activities require highly educated workers to perform the necessary tasks. Other activities require workers who can do manual work. Each worker is providing the labour necessary for production.
The third requirement is physical capital, i.e. the variety of inputs required at every stage during production.
There is a fourth requirement too. This these days is called human capital.
Dairy farming is an act of milk production, processing and marketing through various traditional as well as modern technologies. In rural India it is one of the main occupations for the sustainability. Though India is the major milk producer, farming techniques are not well developed.
Workers engaged in non-farm activities in rural areas on an average are 24%. Estimates suggest that 92% of Indian labourers are engaged in the unorganised sector while the organised segment constitutes the remaining 8%. Further, it can be noted that 95% of female workers and 89% of male workers are engaged in the unorganised segment in India.
Rural non-farm activities include value chain activities, such as agro-processing, transport, distribution, marketing, and retail, as well as tourism, manufacturing, construction and mining, plus self-employment activities.
Thus, the correct option is D.
For the expansion of non-farm activities, we need a market. Markets are places where goods and services produced as a result of non-farm activities can be sold. As more villages get connected to towns and cities through good roads, transport and communications, opportunities for non-farm activities increase in the rural areas.Thus, the correct option is D.
According to economic theory, there are four main factors of production - land, labour, capital, and entrepreneurship. In the given options, first three are the factors of production while the fourth option of Product is not the main factor of production.
Transfer earnings are the minimum payment required to keep a factor of production in its present use. It is the opportunity cost an individual forgoes when deciding to work in one job rather than the next best alternative.
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.
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