Ram is a farmer . He has ample amount of money. What kind of physical capital should he buy for farming on his piece of land for the next cropping season?
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Answer:
it would be better if he would buy a machine to harvest his land
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The Physical capital goods used in (agricultural) production is classified as machinery, equipment or buildings. In Ram's case (since he already has a land) he should invest in farm machinery that comprise ploughs, tractors, & combines.
Explanation:
- Physical capital is generally regarded as one of the 3 primary factors of production. The physical capital would comprise fixed capital that is used in agriculture
- Physical capital which includes fixed capital comprises tools, machinery such as ploughs, tractors, & combines, & buildings in farming
- In addition to physical capital, working capital to purchase seeds & fertilisers & also to pay for the cost of irrigation is needed in farming.
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Name any 2 types of physical capital required for modern farming ...
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