which of the following best describes capital as a factor of production?

Assessment: WAEC SSCE - Economics - 1999 (Objective) Subject: Economics

Question 1 Report

which of the following best describes capital as a factor of production?
Answer Details
Capital as a factor of production refers to the stock of physical assets that are used in the production process. This includes machinery, equipment, buildings, and tools, among other things. These physical assets are used to produce goods and services, and they are typically owned by businesses or individuals. The use of capital in the production process can lead to increased efficiency, higher output, and ultimately, increased profits.

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