Question

Economics
Ch-1
The story of village palampur

Q1 Define:-
1. Physical Capital
2. Fixed Capital
3. Factors of Production
4. Economic Activity
5. Non- Economic Activity

Answer 1

Answer:

1. Physical capital: It implies the non human assets of company ,such as plant and machinery tools and equipment ,office supplies ,etc. that help in process of production.
2. Fixed capital : Assets at capital investment that are needed to start production of goods or services . Its includes building, machines, turbine computer,etc. These can be used in production over many years , thus are fixed in nature.
3. Factor of production: The essential input which a require for the production of goods and services are known as factor of production i.e. land , labour ,physical and
4. Economic activity : All the activities which contribute to flow of goods and service in economy are called economic activities. These activities add value to national income.
5. Non economic activities: The activities which do not contribute to flow of goods one services in economy are called non economic activities. These activities do not add value to national income. These activities are not paid for.