explain the various factors of production
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various factor of production land labour physical capital and human ..............
land-the the first requirement is land and other natural resources such as water forest and mineral
labour- the second requirement is labour that is people who will do the work there are two types of labour that are skilled labours and the manual labour
physical capital- next requirement is physical capital that is the variety of inputs required at every stage during production these are also of two types fixed capital and working capital
human- human is the only one who put together land labour and physical capital using his knowledge
land-the the first requirement is land and other natural resources such as water forest and mineral
labour- the second requirement is labour that is people who will do the work there are two types of labour that are skilled labours and the manual labour
physical capital- next requirement is physical capital that is the variety of inputs required at every stage during production these are also of two types fixed capital and working capital
human- human is the only one who put together land labour and physical capital using his knowledge
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