Question

what are called primary and secondary inputs​

Answer 1

Answer:

Primary inputs are also called factor inputs and secondary inputs are known as non-factor inputs. Alternatively, production is undertaken with the help of resources which can be categorised into natural resources (land), human resources (labour and entrepreneur) and manufactured resources (capital).

Explanation:

Primary inputs are those factors of production that are treated as exogenous in the framework of production analysis. In a static framework such as the one underlying this manual, primary inputs comprise capital and labour.

The are two kinds of factors of production. Primary factors include land, labor and capital goods applied to production. Secondary factors include materials and energy – they are secondary because they are obtained from land, labor and capital.

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