________ is regarded as primary factor of production. (Land / Labour / Capital / Entrepreneur), Fill in the blank with appropriate alternative given in the bracket.
Answers
• Capital is regarded as a primary factor of production.
• Because it relates to the investment of goods brought with money in production.
• For example, we can buy something for a reason it is referred to as capital.
• In economic studies capital is a source for production.
• Capital is very important for human uses that means we can produce goods and services by using capital resources.
• Some of the capital resources are like equipment, computers and machinery, etc.
Capital is regarded as a primary factor of production.
Explanation:
Capital, along with land and labor is a main factor of production.
1. It is a man-made factor of production.
2. Capital is continuously needed in each and every stage of production, right from procurement of raw materials till the sale of the finished product in the market.
3. The fixed capital which is required to procure long-term utilities like machinery and tools needs a huge amount.
4. Raw materials and the money which we have in hand is the working capital.
Learn more about Capital:
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