Question

Explain Physical Capital as a factor of production.
Explain the two components of Physical Capital with the help of examples.

Answer 1

Answer:

The variety of inputs required at various stages of production is known as physical capital

• it is further divided into two parts

1. fixed capital: tools and machines which can be used for years for production is known as fixed capital. for example. computers, machines and buildings
2. working capital: raw materials and money in hand is known as working capital. for example. clay for a Potter and yarn for a weaver

Answer 2

Answer:

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