GENERAL KNOWLEDGE

Detailed explanation-1: -Of all the factors of production, viz land, labour, capital and organisation, labour or human resource is the most important economic factor because it is the only factor which is active. All the other factors are inactive. In the absence of human resources, production in an economy will come to a standstill.

Detailed explanation-2: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others. For instance, a real estate developer needs it to make good on its investments.

Detailed explanation-3: -The skills a worker has as a result of education, training, or experience that can be used in production are called human capital. Students who are attending a college or university are acquiring human capital. Workers who are gaining skills through experience or through training are acquiring human capital.