Question

what is the aim of production? Explain Physical Capital.​

Answer 1

The aim of production is to produce goods and services to satisfy the needs of people as per their demand.

Physical Capital It consists of various inputs which are required at different stages of production.

It is of two types :

• Fixed Capital Like tools, machines, buildings, generators, computers etc.
• Working Capital It consists of raw materials (like yarn for weavers), money in hand.

Answer 2

Answer:

Aim of production is to produce goods and render services to the economy . a) The first factor of production is land, but this includes any natural resourse used to produce goods and services.