Economics (NTSE/Olympiad)  

1. The Story Of Village Palampur

Organisation of Production

Aim :
The aim of production is to produce the goods and services that we want. There are four requirements for production of goods and services.
1. Land and other natural resources.
2. Labour
3. Physical capital - (a) fixed Capital (b) Working Capital
4. Enterpreneur
1. Land : It is a factor of production that is used for cultivation or construction.
2. Labour : It is another important factor of production. It means human exertion. Some production activities require highly educated workers to perform the necessary task. Other require workers who can do manual work.
Physical Capital :
(a) Fixed Capital : Tools, machines, building can be used in production over many years. These factors of production are called fixed capital.
(b) Working Capital : These include the factors of production which are used up in production. Raw material and money in hand are called working capital.
Entrepreneur : One needs knowledge and enterprise to be able to combine or arrange all the factor of production to produce an output.

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