what is the land , labour and capital?
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land is the sphere of earth having literal meaning lithosphere which is 100km thick
labour is the agriculture or other work we do on this lithosphere.
capital in geo has different meaning ie money.
(The lithosphere is the solid, outer part of the Earth. The lithosphere includes the brittle upper portion of the mantle and the crust, the outermost layers of Earth's structure)
labour is the agriculture or other work we do on this lithosphere.
capital in geo has different meaning ie money.
(The lithosphere is the solid, outer part of the Earth. The lithosphere includes the brittle upper portion of the mantle and the crust, the outermost layers of Earth's structure)
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Land , labour and capital are the basic requirements for production of goods and services which are popularly known as factors of production. Land includes all free gifts of nature,e.g., soil,water, forests,minerals, etc. Labour means human effort whicg of course includes physical as well as mental labour. Physical capital is the third requirement for production.
Physical capital includes fixed capital(e.g. tools,machines, buildings,etc.) and raw materials such as seeds for the farmer, yarn for the weaver.
Physical capital includes fixed capital(e.g. tools,machines, buildings,etc.) and raw materials such as seeds for the farmer, yarn for the weaver.
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