Define the following terms.
(i) Vital Processes
(ii) Entrepreneurs
(iii) Capital
(iv) multiple cropping
(v) capital depreciation
(vi) human capital
Answers
Answer:
(i) Vital Processes ✍️
essential to maintain life. the lungs perform a vital function.
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(ii) Entrepreneurs✍️
An entrepreneur-like individual works inside a large company, and acts to get things done, to manage large critical projects, and/or to develop new products. These individuals usually start as successful project managers.
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(iii) Capital✍️
Capital is a broad term that can describe any thing that confers value or benefit to its owner, such as a factory and its machinery, intellectual property like patents, or the financial assets of a business or an individual.
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(iv) Multiple cropping ✍️
multiple cropping or multicropping is the practice of growing two or more crops in the same piece of land during one growing season instead of just one crop.
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(v) capital depreciation ✍️
Capital depreciation refers to the decline in value of a capital asset. To give a simplified example, if a machine is bought for $10,000 but only has a useful lifespan of five years, then every year, the value of this machine will decline by $2,000. ... There has been capital depreciation of $6,000.
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(vi) human capital ✍️
One needs knowledge and enterprise to be able to put together land, labour and physical capital and produce an output; either to use it by oneself or to sell in the market. This is known as human capital, which enables better production with human skill and knowledge.