ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.

Detailed explanation-2: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -4 Key Resources-The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship.

Detailed explanation-4: -Capital resources are the man-made tools, machines, or locations used in the manufacturing of goods. Capital resources can be any asset, tool, piece of equipment, or housing facility that is used by a business over an extended period of time.

Detailed explanation-5: -Human resources are the people and workers and capital resources are man-made tools and equipment that produce products.