Which is the most abundant factor of production?
The most abundant factor of production is the Land. The first requirement island, and other natural resources such as minerals, forests, and water.
Every production is organised by combining human capital, labour, land, and physical capital which are known as factors of production.
Aims of Production
The aim of production is to produce the service and goods that we want.
A variety of equipment or inputs are needed at every stage of production. This is known as physical capital. Physical Capital can be divided into 2 types:
Working Capital
Fixed Capital