ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The means of production is a term which describes land, labor and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products.

Detailed explanation-2: -Capital goods are called tangible assets because they are physical in nature. Capital goods are assets that companies use to produce products that other businesses can use to create finished goods.

Detailed explanation-3: -Capital goods are man-made, durable items that businesses use to produce goods and services. Tools, machinery, buildings, vehicles, computers, and construction equipment are types of capital goods. Capital goods are one of the four leading economic factors.

Detailed explanation-4: -Capital goods are the assets used by businesses in the course of producing their products and services, and can include buildings, machinery, tools and equipment. Capital resources is a higher-level concept, defined slightly differently by different scholars.

Detailed explanation-5: -People use them to produce other goods or services within a certain period. Machinery, tools, buildings, computers, or other kinds of equipment that are involved in the production of other things for sale are capital goods.