Kindly help me with this question from Practice Paper:
"Determining an ideal industrial location is a challenging undertaking." Examine the above statement and elucidate.
Solution:
- Determining an ideal industrial location is a complex and multi-faceted process that involves considering various factors such as access to resources, labor availability, transportation infrastructure, tax incentives, and regulations, among others.
- Balancing these factors and ensuring that they meet the specific needs and requirements of a business can be difficult.
- Factors determining the location of industries are:(a) Availability of raw material(b) Labour(c) Capital(d) Power and,(e) Market etc.
- Hence, the statement "Determining an ideal industrial location is a challenging undertaking" is accurate.