ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The right to own private property: This is the most fundamental of all rights under capitalism. Private ownership means that individuals can buy, sell, and use the land, buildings, machinery, inventions, and other forms of property.

Detailed explanation-2: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital.

Detailed explanation-3: -Economic resources used in the production process are called factors of production. Capital, labor, land and entrepreneurial skills are considered as factors of production. In economics money is considered to be capital.

Detailed explanation-4: -The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services. Some common examples of capital include hammers, forklifts, conveyer belts, computers, and delivery vans.