Tag: capital
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Capital
Capital is the man made resources which are used to make a product. Machine is in capital because machine is made by human effort.
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Different sizes of firms
Main reasons for different sizes of firms Size of market Capital Organization Barriers to enter
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Enterprise-factor of production
Enterprise The people who bring the other 3 factors of production together to produce goods and services are called entrepreneur. In this process they do the decision making and risk taking.
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Capital-factor of production
Capital Manmade goods to produce other goods and services Capital is classified into capital goods and consumer goods Examples: Machines Factories Roads
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Labour-factor of production
Labour Manual and mental effort to produce or deliver goods and services People who are willing or able to work are known as labour work force. Examples: Clerks Computer technician level Economics Teacher
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Land-factor of production
Land Natural occurring resources used for production purpose Examples: Earth on which mills are built Water in which fish is found Raw materials used to produce goods