what are the factor of production? how fixed capital diff. from working capital
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1) land
2) labour
3) physical capital
4) human capital
2) labour
3) physical capital
4) human capital
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factors of production are
1.Land
land and other natural resources such as water, forests,minerals.
2.Labour
people who would do the work
3.Physical capital
the variety of inputs are required at every stage during production.
It is of two types
a. fixed capital (lasts for long)
tools, machines, building.
b. Working capital (lasts for short time)
raw materials and money
4.Human capital
knowledge and expertise is needed to be able to put together land, labour and physical capital and produce an output.
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1.Land
land and other natural resources such as water, forests,minerals.
2.Labour
people who would do the work
3.Physical capital
the variety of inputs are required at every stage during production.
It is of two types
a. fixed capital (lasts for long)
tools, machines, building.
b. Working capital (lasts for short time)
raw materials and money
4.Human capital
knowledge and expertise is needed to be able to put together land, labour and physical capital and produce an output.
mark as brainliest
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