ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capital goods include buildings, machinery, equipment, vehicles, and tools.

Detailed explanation-2: -Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.

Detailed explanation-3: -In economics, ‘’capital” refers to d. machines, buildings, tools, and knowledge. Capital in economics does not refer just to money. It is the input used to be able to produce or manufacture goods and services.

Detailed explanation-4: -To produce a product (a good or service), a business needs resources, such as labor (i.e., workers), land (e.g., a building), equipment, cash (capital) and other resources.

Detailed explanation-5: -When economists refer to capital, they are referring to the assets-physical tools, plants, and equipment-that allow for increased work productivity. Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship.