Question

3. Give the name of factors of production.
4. What is physical capital ?​

Answer 1

Explanation:

4.In economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers,etc.Its is divided into 2 categories-working and fixed capital.The production function takes the general form Y=f(K, L, N), where Y is the amount of output produced, K is the amount of capital stock used, L is the amount of labor used, and N is the amount of natural resources used. In economic theory, physical capital is one of the three primary factors of production; the others are natural resources (including land), and labor—the stock of competences embodied in the labor force. Physical capital is distinct from human capital (a result of investment in the human agent), circulating capital, and financial capital.[1][2] Physical capital is fixed capital, which is any kind of real physical asset that is not used up in the production of a product. Usually the value of land is not included in physical capital as it is not a reproducible product of human activities.

Answer 2

Answer:

Explaining Physical Capital

Economists generally agree that there are three main factors of production: Land/natural resources/real estate. ... Natural resources that come out of the ground, such as the corn needed to make tortilla chips or the iron ore used to make steel, also fall into this category.Human capital

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