what are the four features of capital as a factor of production?
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Capital is the result of human efforts. b) Capital is a passive factor of production: Capital cannot produce without the active help of the labour. c) Capital is the produced means of the production: Capital refers to the wealth which cannot be produced automatically.
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Meaning of Production
Factors of Production – Land
Factors of Production – Labour
Factors of Production – Entrepreneur
Production Function
The Law of Diminishing Returns
Returns to Scale (Production Function)
Production Optimisation
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