Question
How to produce is a complex problem for less developed countries like India. Explain how.

Answer

How to produce' is a problem of choice related to the technique of production. Broadly, one is to choose between labour intensive technique' and 'capital intensive technique'. Labour intensive technique uses more of labour per unit of capital whereas capital intensive technique uses more of capital per unit of labour. In India, labour is abundant in relation to capital. While focusing on an ideal ratio between labour and capital, so as to obtain the maximum output per unit of input, labour would remain unutilised or unemployed. Thus, less developed countries like India often face the problem of unemployment while tackling the problem of 'how to produce'.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free