Question

Relative importance
of the factor of production point wise.

Answer 1

Answer:

importance  of the factor of production

Explanation:

1. Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.  It includes the skilled and unskilled work force of a nation.
2. Importance of Labour in Production: Labour is the fundamental and active factor of production Labour has important contribution to the production of commodities. Labour is the exertion of mind and body undertaken with a view to some goods other than the pleasure directly derived from the work.

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