There are several types of capital in economics and business. Some contribute directly and are used to produce goods and services. Meanwhile, others
Factors of Production
What is Capital in Economics as a Factor of Production
What's it: In a broad definition, based on Lexico.com, capital refers to wealth owned by individuals or companies and available or
What are the rewards for factors of production?
Suppliers of factors of production are rewarded or compensated, which varies depending on what factors they supply. If we add up, we know the
Land as a Factor of Production in Economics
What's it: In economics, land doesn't just refer to land for agriculture, factories, retail space, or office space. As a factor of production, it
What is Labor in Economics
What's it: As a factor of production, labor refers to the workers' efforts (physical and mental) used in the production process. It connotes
Economic Problems: 3 Basic Questions For An Economic System To Answer
What's it: Economic problems arise because we face scarcity. Our resources are limited to satisfy our unlimited wants and needs. Economics
Production Possibilities Curve: Explanations, Assumptions, Shifting Factors
What's it: A production possibilities curve or production possibilities frontier is an economic model for describing the two goods we can
Factors of Production: Types, Importance, and Reward
What's it: Factors of production are inputs for producing goods and providing services. They consist of land, labor, capital, and entrepreneurship.