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sesenic [268]
3 years ago
5

Define the four factors of production and the differences between physical and human capital.

Business
1 answer:
Reptile [31]3 years ago
6 0
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.


Physical capital implies the non-human assets of the company, such as plant and machinery, tools and equipment, office supplies etc. that help in the process of production. Human capital refers to stock of knowledge, talent, skills and abilities brought in by the employee, to the organization.
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