Question

Write in detail about all factors of production -Land, Labour, Physical capital and Human capital.

Answer 1

Answer:

·Land  as a factor of production can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land.

·Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor as is the waiter who serves guests or the receptionist who enrolls them into the hotel.

·physical capital is a factor of production (an input into the process of production) consisting of man-made goods, including machinery, buildings, computers, etc. ... In economic theory, physical capital is one of the three primary factors of production

·Human capital is the stock of habits, knowledge, social and personality attributes (including ... Thus, human capital is a means of production, into which additional ... growth theories see human capital as an important economic growth factor.

Answer 2

Explanation:

land is the capital which is most important for us without it we can't do nothing if we have money and other material.

whereas,physical capital is of 2 type ÷

1.fixed capital -it can be used for long period.

2.working capital -it can be used once or for short period of time.

now,human capital is the capital which can be so important if it is not we can not do anything . so it is so important.