What is the basic difference between two factors of production-land and capital?
Land is a natural resource whereas money is man-made
. It is possible to increase capital, whereas land is fixed.
What is the difference between two factors land and Labour?
(i) Land refers to all resources provided by nature used in production while labour refers to human efforts in production. (ii)
Land supply cannot be increased while labour is both geographically and occupationally mobile
. … (iv) Land produces raw materials for production while labour provides services in production.
What is the basic difference between two factors of production land and capital?
| LAND CAPITAL | Nature of Factor Land is the natural factor of production, it is permanent in nature. Capital is a man made factor of production. It lacks permanency. | Elasticity The elasticity of land is perfectly inelastic. The elasticity of capital is relatively elastic. |
|---|
What are two factors of production class 9?
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories:
land, labor, capital, and entrepreneurship
.
What is land capital Class 9?
1. Land is a purely natural resource whereas
capital comprises anything which has value
. Ex. – money, gold, machinery etc. 2.
What is the basic difference between two factors of production?
What is the basic difference between two factors of production-land and capital?
Land is a natural resource whereas money is man-made
. It is possible to increase capital, whereas land is fixed.
What is the most abundant factor of production?
Among the three factors of production, we found that
labour
is the most abundant factor of production.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include
Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise
[8].
What are the 5 factors of production?
Economists call these resources the “factors of production” and usually refer to them as
labour, capital, and land
. Production managers have referred to them as the “five M's”: men, machines, methods, materials, and money.
What are the characteristics of factors of production?
- Land. In ordinary sense ‘land' refers to the soil or the surface of the earth or ground. …
- Labour. Labour is the active factor of production. …
- Capital. Marshall says “capital consists of all kinds of wealth other than free giftsofnature,whichyield income”. …
- Organization.
What are the major factors of production class 9?
There are four factors of production i.e.
land, labour, physical capital and human capital
.
What is the aim of production class 9?
Aim of Production :-The aim of production is
to produce the goods and services to generate wealth that we want for ourselves
. There are four requirements needed for the production of goods and services which are land, labour, capital and Human Capital or Entrepreneur.
What are the two main factors of production?
They are commonly broken down into four elements:
land, labor, capital
, and entrepreneurship. However, commentators sometimes refer to labor and capital as the two primary factors of production.
What are the types of capital Class 9?
- Natural capital: these are the natural resources used in the production process.
- Human capital: it is the people knowledge skills that help in the process.
- Social capital: it is the group that helps in the maintenance of human capital like families.
What are the two types of physical capital Class 9?
There are two types of physical capital:
fixed capital and working capital
.
What is fixed and working capital Class 9?
Fixed capital refers to
the investment of the enterprise in long term assets of the company
. Working capital means the capital invested in the current assets of the company.
