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  Economics (NTSE/Olympiad)  

1. The Story Of Village Palampur

Glossary - The Story Of Village Palampur

1. Land : It is a factor of production that is used for cultivation or construction.
2. Labour : Labour is another important factor of production. It means human exertion.
3. Capital : It is a wealth other than land which is used for production of wealth.
4. Production Process : Organising and utilising the factors of production for the production of goods and services is known as production process.
5. Production : Production is the creation of value in a commodity e.g. manufacturing of a car from steel.
6. Working Capital : These include the factors of production which are used up in a production. Raw material and money in hand are called working capital.
7. Fixed Capital : Tools, machines, buildings can be used in production over many years. These factors of production are called fixed capital.
8. Factors of Production : The essential elements which cooperate with one another in process of production. Following are the major factor of production.
I. Land II. Physical capital III. Labour IV. Human capital
9. Human Capital : It is the most important factors of production which put together land labour and physical capital and produce an output either to use for self consumption or to sell in a market.
10. Multiple Cropping : To grow more than one crop on a piece of land during the year in known as multiple cropping.
11. Yield : It is measured as crop produced on a given piece of land during a single season.
12. Non Farm Activity : It refers to the activities in a village other than farming. This includes activities like manufacturing, transportation, shop keeping etc.
13. Green Revolution : The large increase in agriculture production after 1976 due to adoption of new Agricultural strategy which implied a simultaneous use of better and modern agriculture inputs.

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