Important Terms and Concepts - The Story of Village Palampur
Category : 9th Class
THE STORY OF VILLAGE PALAMPUR
IMPORTANT TERMS AND CONCEPTS
- Labour refers to the people who are available for work.
- Physical Capital. The variety of inputs required during the process of production.
- Fixed Capital. That part of physical capital which can be used in production over many years and cannot be altered in short period, e.g., tools, machines and buildings.
- Working Capital. That part of physical capital which is used up in production, e.g., raw material and money in hand.
- Human Capital. The physical capital cannot deliver goods in the absence of adequate trained human Hence investment is made in human beings for their education, training and health. Such an investment is termed as human capital. Human capital is the stock of skills and productive knowledge embodied in them.
- Multiple Cropping. The practice of growing more than one crop on a piece of land during a year.
- Yield. Agriculture yield is measured as crop produced on a given piece of land during a single season.
- Non-farm activity refers to the activities in a village other than farming. This includes activities like manufacturing, transportation, shop-keeping etc.
- Green Revolution. The large increase in agricultural production after 1967-68 due to adoption of New Agricultural Strategy which implied a simultaneous use of better and modern agricultural inputs.
