Economics - The Story of Village Palampur

Flashcards covering key concepts from the economics lecture on the village of Palampur.

Palampur

A well-connected village with about 450 families, featuring various transport modes and differing castes.

Factors of Production

The four inputs required for production: Land, Labour, Physical Capital, and Human Capital.

Land

A fixed factor of production including natural resources like water and forests.

Labour

The workforce that provides the necessary efforts for production; can be skilled or unskilled.

Physical Capital

Funds invested in business to earn returns, comprising fixed and working capital.

Fixed Capital

Investment in long-term assets such as buildings and machinery that do not change output.

Working Capital

Money used for day-to-day operations, including raw materials and labor wages.

Multiple Cropping

Growing more than one crop during a year on the same piece of land.

Green Revolution

Late 1960s initiative to increase food production using high-yield variety seeds and modern techniques.

Chemical Fertilizers

Substances that provide nutrients to plants but can deplete soil health over time.

Marketable Surplus

The surplus produce available beyond what is needed for self-consumption by farmers.

Non-Farming Activities

Alternate economic activities in a village, like dairy, small-scale manufacturing, shopkeeping, and transport.

Kharif Crops

Crops sown in the rainy season and harvested in autumn, like jowar and bajra.

Rabi Crops

Crops grown in winter and harvested in spring, such as wheat and barley.

Electric-run Tube Wells

Irrigation systems transformed by electricity which aid in securing water supply for farming.

Sub-division of Land

The process where inheritance results in land being divided into smaller portions over generations.

Employment Conditions for Landless Labourers

Working conditions where wages are often less than the minimum and can vary significantly.