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Social Science: Development - Concept for National Income and Percapita Income

Why is the 'least cost' known as decision making factor for ideal location of an industry?

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Solution

Least cost is the minimum investment necessary for an optimum output. Several factors are taken into consideration for achieving the least cost. These factors are given below.

  • Land
  • Labour
  • Capital
  • Entrepreneur
Concept: Concept for National Income and Percapita Income
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