Which are the main factors that influence the location of an industry Class 8?

Several factors which influence the location of an industry include:

• Availability of raw material.
• Availability of land.
• Supply of water.
• Availability of labour.
• Access to power.
• Transport facilities.
• Provision of capital.
• Presence of market.

What is the key to the decision of factory location?

Answer: → The key to decision of the factory location is the least cost.

What factors are required to set up an industry in a region Class 10?

1 Answer

• Availability of raw materials: Raw materials should be easily available from nearby areas only.
• Labour: Labour should be skilled and easily available from the neighbouring areas only.
• Power supply: Without power supply, an industry cannot run, so it should also be available as per the requirements.

What are the factors affecting manufacturing industry?

6 Factors Affecting Manufacturing Costs

• Labor Costs. This is the expense that varies the most depending on the geographical location of the people doing the work.
• Raw Material. One of the first decisions a product developer needs to make is what material to use.
• Part Complexity.
• Tooling.
• Volume.
• Precision.

Which chemical is completely imported to our country Class 10?

Fertiliser Industry Potash is entirely imported because India does not have any reserves of commercially viable potash or potassium compounds. India is the third largest producer of nitrogenous fertilisers. There are 57 fertiliser units which manufacture nitrogenous and complex nitrogenous fertilisers.

What is a cost equation?

A cost equation is a mathematical formula that a company can use to predict the expenses associated with the production and sale of a certain amount of goods.

Which industry is often called backbone of modern?

Iron and Steel Industry

What are the factors affecting the cost and importance of logistics?

1) dollar value. – Affects its warehousing cost, transportation cost etc• 2) density – Density increases, transportation cost decreases. 3) Susceptibility to damage. – Increasing risk of damage warehousing and transportation cost ,material handling cost increases.

What are the factors affecting location?

These are influenced by the availability of many factors. Some of them are: raw material, land, water, labor, capital, power, transport, and market. For ease of convenience, we can classify the location factors into two: geographical factors and non-geographical factors. 1.

What are the cost factors?

It can be defined as the actual cost incurred on goods and services produced by industries and firms is known as factor costs. Factor costs include all the costs of the factors of production to produce a given product in an economy. It includes the costs of land, labor, capital and raw material, transportation etc.

What are the factors affecting the cost of production?

Factors affecting costs of production

• Wage costs. For labour intensive industry (service sector/manufacturing of clothes) a small change in wage costs has a big impact on the overall costs of firms.
• Labour productivity.
• Exchange rate.
• Raw materials.
• Tax.
• Bureaucracy and administration.
• Transport costs.
• Interest rates.

What is profit and its types?

Profit is income remaining after settling all expenses. Three forms of profit are gross profit, operating profit, and net profit. The profit margin shows how well a company uses revenue. Profit drives capitalism and free market economies. Increasing revenue and cutting costs increase profits.

What is profit function example?

Profit function = Revenue function – Cost function = R( ) – C( ) = (500 ) – (175 +150 ) = 500 – 175 – 150 = 325 -150 4. A company produces and sells a product and fixed costs of the company are Rs. 6,000 and variable cost is Rs. 25 per unit, and sells the product at Rs.

What are the main factors which influence the location of industries?

The factors affecting the location of industries are the availability of raw material, land, water, labour, power, capital, transport and market.

What is the key to the decision of factory location class 10?

The ‘key’ to the decision of a factory location is least cost so that the venture is profitable.

Which is not a human factor of industrial location?

Which is not a human factor of industrial location? Explanation: Human Factors: Capital, labour, policies, market, technology, transportation, communication, etc. 2. Industrial estates may be located outside the towns.

What is the profit function?

A profit function is a mathematical relationship between a firm’s total profit and output. It equals total revenue minus total costs, and it is maximum when the firm’s marginal revenue equals its marginal cost.

Which industry is known as sunrise industry?

A new and growing industry especially in electronics and telecommunications is known as the sunrise industry. IT industry is called a sunrise industry as it has grown at a fast pace in last ten years.

How do you create a cost function?

The cost function equation is expressed as C(x)= FC + V(x), where C equals total production cost, FC is total fixed costs, V is variable cost and x is the number of units.

What are the types of cost production?

Types of Costs of Production

• Fixed costs. Fixed costs are expenses that do not change with the amount of output produced.
• Variable costs. Variable costs are costs that change with the changes in the level of production.