Question

explain the four factors of production: Land, Labour, Physical Capital and Human Capital​

Answer 1

Answer:

Explanation:

1)Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.

2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.

3) The third factor is physical capital, that is, the input required at every stage of production.

It includes :-

a- Fixed capital, that is the capital required for production over many years. For example, buildings, tools and machines.

b- Working capital, which includes raw materials and the money in hand.

4) The fourth and the last factor is the human capital, which refers to the use of knowledge to be able to perform labour to raise some economic value.

Answer 2

Answer:

• Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.

• Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.

• The third factor is physical capital, that is, the input required at every stage of production.

It includes :-

a- Fixed capital, that is the capital required for production over many years. For example, buildings, tools and machines.

b- Working capital, which includes raw materials and the money in hand.

• The fourth and the last factor is the human capital, which refers to the use of knowledge to be able to perform labour to raise some economic value.