Asked by Bridger Johnson on May 09, 2024
Verified
Why do we refer to physical capital as a produced factor of production?
Physical Capital
Tangible assets used in the production of goods and services, such as machinery and buildings.
- Gain insight into the position and illustrations of assorted components of production in the economic context.
- Distinguish between physical capital and human capital.
Verified Answer
SS
Shannon SmithMay 15, 2024
Final Answer :
Physical capital originates as an output from the production process, and is subsequently used as an input into the production process.
Learning Objectives
- Gain insight into the position and illustrations of assorted components of production in the economic context.
- Distinguish between physical capital and human capital.