Economic Awareness - Sectors of Indian Economy
Which factor of production is considered 'fixed' in supply and cannot be increased by human effort?
Which factor of production is considered 'fixed' in supply and cannot be increased by human effort?
medium Q5 of 15
Step-by-Step Solution
Step 1: Understand supply characteristics of factors
Some factors have fixed supply; others can be increased by human effort.Step 2: Analyze options
Land has fixed supply and cannot be increased. Labour, capital, and entrepreneurship can be increased through effort and investment.Final Answer:
Land → Option CQuick Check:
Land supply = fixed, not increased by effort ✅
Quick Trick: Land supply is fixed; labour and capital can grow.
Common Mistakes:
MISTAKES- Assuming capital or labour supply is fixed.
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