Question

Which is the most important factor of production ? Why?

Answer 1

Answer:

Human capital is the most important factor of production.

HERE ARE SOME REASONS :

(i) Gifted with life and reasoning power, humans can make use of the land, labour and physical capital.(ii) Investment in human capital yields a return just like investment in physical capital.(iii)Human capital is the most important factor of production because you will need knowledge and enterprise to be able to put together land,labour and physical capital to produce an output either to use yourself or sell in the market.

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Answer 2

Explanation:

Human capital is the most important factor of production because you will need knowledge and enterprise to be able to put together land,labour and physical capital to produce an output either to use yourself or sell in the market.