Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refe...

Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refers to

Answer Details

In this scenario, the factor of production that Babou Penn refers to as missing is "labour". The captain of the boat is a human resource, which is a type of labor used in the production process of fishing. The other factors of production mentioned are materials, which would fall under the category of capital, as well as the sea which would be classified as land. The entrepreneur refers to the person who takes on the risk and initiates the fishing venture, but in this scenario, Babou Penn is not referring to the entrepreneur, but to one of the necessary labor inputs for his production process.