The Story Of Village Palampur

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Palampur is well-connected with neighbouring villages and towns. Raiganj, a big village, is 3 km from Palampur. This village has about 450 families belonging to several different castes.

Palampur has a fairly well-developed system of roads, transport, electricity, irrigation, schools and health centre.

The aim of production is to produce the goods and services.

There are four requirements for production of goods and services.

1. The first requirement is Land, and other natural resources such as water, forests, minerals.
2. The second requirement is labour, i.e.people who will do the work.
3. The third requirement is physical capital, i.e. the variety of inputs required at every stage during production.
4. The fourth requirement is knowledge and enterprise to be able to put together land, labour and physical capital and produce an output either to use yourself or to sell in the market.

Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production.