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Q.

Human capital and ____ are the most essential factors of production.

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Detailed Solution

Human capital and labour are the essential factors of production.
As they require knowledge, enterprise, and skills to put together all the other factors of production. Without human capital, other factors are useless and can not be put to work. Some economic activities require casual workers, while others require highly educated, skilled employees to perform various tasks. Each worker provides the labour necessary for the production of goods and services. Human capital implies the entrepreneur is taking the risk of setting up all the factors of production together and investing in them. These are the only factors that can go to waste.

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