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  • ICAR and TNAU E-Course Summarized

    Summarized Notes
  • The most abundant factor of production is:

    Question: The most abundant factor of production is:

    Options:

    Land
    Labour
    Capital
    Organisation

    🔑Key Points: 

    • The Most abundant factor of production:
    In India, labour is the most abundant production element.
    It is an active element of production because without it other resources are unable to yield any results.
    In the lack of labour, a country's natural resources will continue to be underutilized. 

    🔴Additional Information:
    The five factors of production are land, labour, capital, entrepreneurship, and technology.
    These are the resources that businesses use to create wealth.
    Land refers to all natural resources that can be found on land, such as agriculture and farming to the use of natural resources.
    Labour refers to the effort that individuals exert when they work.
    Capital refers to the resources that businesses use to produce goods and services, such as machinery, tools, and buildings.
    Entrepreneurship refers to the ability to create and manage a business.
    Technology refers to the knowledge, tools, and techniques used to produce goods and services.
    These factors of production are essential for creating a good or service and contribute to the overall efficiency and effectiveness of the economy.

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