About this document
Economic Resources and Production Factors by Waqas Mazhar is a document available to read on EtoBox.
Land, labor, capital, and entrepreneurship are the main factors of production according to classical economics. Land refers to natural resources and is fixed in supply. Labor refers to human effort and its supply depends on population size, proportion available to work, and average hours worked. Capital includes fixed capital like machinery and working capital like raw materials. The supply of capital depends on opportunity costs of producing capital goods over consumer goods. Entrepreneurs have ideas for b
- Author
- Waqas Mazhar
- Language
- EN