economicsThe third most important factor of production is ____

The third most important factor of production is ____


    Fill Out the Form for Expert Academic Guidance!l



    +91



    Live ClassesBooksTest SeriesSelf Learning



    Verify OTP Code (required)

    I agree to the terms and conditions and privacy policy.

    Solution:

    The third most important factor of production is capital.
    It comprises two categories: physical and human capital. Physical capital includes various inputs for production such as tools, machinery, buildings, etc. these are known as fixed capital which will help in production in the long term. The second component is working capital, raw material and money in hand that will inflow and outflow often. At the same time, human capital is the labour and entrepreneur needed to combine all the other production factors with knowledge and skills. These both are equally important for an organisation to produce an output.
     
    Chat on WhatsApp Call Infinity Learn

      Talk to our academic expert!



      +91


      Live ClassesBooksTest SeriesSelf Learning




      Verify OTP Code (required)

      I agree to the terms and conditions and privacy policy.