DON'T WE NEED TO WRITE ABOUT HUMAN CAPITAL
Question 36( 4.0 marks)
What are the various factors of production that are required for commencing the production of goods and services?
Solution:Various things are required for commencing the production process. These are called the factors of production and include
(1) Land and other natural resources such as water, minerals etc.
(2) Labour i.e., human resources for carrying out the production activities.
(3) Tools, machines, buildings etc., which are required for facilitating the production process. They are referred to as fixed capital.
(4) Raw materials, which are required for producing goods and money, which is required for purchasing essentials. These are referred to as the working capital required for production.
DON'T WE NEED TO WRITE ABOUT HUMAN CAPITAL
Question 36( 4.0 marks)
What are the various factors of production that are required for commencing the production of goods and services?
Various things are required for commencing the production process. These are called the factors of production and include
(1) Land and other natural resources such as water, minerals etc.
(2) Labour i.e., human resources for carrying out the production activities.
(3) Tools, machines, buildings etc., which are required for facilitating the production process. They are referred to as fixed capital.
(4) Raw materials, which are required for producing goods and money, which is required for purchasing essentials. These are referred to as the working capital required for production.
Labour in the answer implies human capital.
Labour in the answer implies human capital.
