CMB

  9th Class Notes On Palampur  Chinmay M Bajjer   27-August-2021   Notes Explain the requirements to produce goods and service in the production process. Or Explain the Factors of Production.                                            Answer : Every production is organised by combining the factors of land, labour, physical capital and human capital, 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 :  The people who engage physically and mentally in the productive process is called  Labour.  It can be classified into           Trained Labour  such as Engineer, Supervisor, accountant etc.           Untrained Labour  ...

  NCERT SOLUTION Chapter: People As Resources   1. What do you understand by ‘people as a resource’? 1.‘People as a resource’ is a term that means how the population can be an asset and not a liability.  2.It is a way of referring to the working class of society in terms of their existing productive skills and abilities.  3.The population becomes human capital when an investment is made in the form of education and training.  4.Education and health also help human beings to be an asset to the economy.  Thus, people as a resource refers to the working population that results in the development of society. 2. How are human resources different from other resources like land and physical Capital? Human resources are different from other resources like land and physical capital because human beings can use other resources efficiently to give the best productive output. However, resources like land and physical capital are dependent on human resources for their u...