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Essay Details:
Essay text:
The main factors of
production are capital, labor and land.
Capital refers to any manufactures product used by the business to
make other products. This category therefore includes all machinery,
vehicles and office equipment used in the business. It also includes
the companies building.
Labor is the human resource used by business organization during
production. It refers to the input of physical and mental activity of
the employee.
Land in the context of this classification is not only the site on
which the business is located, but also all the natural resources it
might use. So resources consumed by the business, such as coal, gas,
oil and water is classified as land...
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