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Answers
Answer:
Labor
All human effort that assists in production is labour. This effort can be mental or physical. It is a human factor of production. It is the worker who applies their efforts, abilities, and skills to produce.
The payment for labour is the wage.
Characteristic
It is a human factor.
One cannot store labour.
No two types of labour are the same.
Types of Labor
Unskilled
Semi-skilled
Skilled
Professional
Capital
Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.
The payment for capital is interest.
Characteristics
Capital is a manmade factor of production.
It is mobile.
It is a passive factor of production.
Types of Capital
Fixed
Working
Venture