USA HISTORY

Detailed explanation-1: -Another major reason why the Industrial Revolution began in Great Britain was that it had an abundant supply of what economists call the three “factors of production". These factors of production are land, labor, and capital.

Detailed explanation-2: -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. Capital differs based on the worker and the type of work being done.

Detailed explanation-3: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-4: -Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship. Common examples of capital include hammers, tractors, assembly belts, computers, trucks, and railroads.