12. Explain briefly the following:
(a) Land (b) Labour
Answers
Answer:
LAND- land comprises all natural resources such as mineral,deposit,fish stocks,water,forest,atmospheric quality.,etc.
LABOUR- Labour refers to the number of people workers in the economy.
CAPITAL- Capital generally refers to financial wealth, especially that used to start or maintain a business.
HUMAN CAPITAL- The skills,ability,knowledge or other intangible assests of humans which influence their productive capacity and earning is known as human capital.
Explanation:
Answer:
1)Land Land, In economics, the resource that encompasses the natural resources used in production. ... Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources. 2) Labour The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work. ...