Briefly mention the characteristics of land, Labor and capital.
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In an economy Land, Labour and Capital r very necessary components...
Land- if a person has a land he can either start a small business owner and his/her or can give the land has a rent and earn money. A person can even use that land for farming.
Labour- it is the basic and the most imp part. If a person does not have sufficient labour for a work he can neither start a business or pick up farming as an occupation.
Capital- investment for any work is as imp as food for everyday. For buying other equipment and necessary holdings it is very needed.
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Man Produces Capital: ...
Capital is a Passive Factor of Production: ...
Capital is a Produced Means of Production: ...
Capital is Variable: ...
Capital is more Mobile than other Factors of Production: ...
Capital Depreciates: ...
Capital is Stored-up Labour: ...
Capital is Destructible.