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Question
Identify the correct statement from the following.
Options
Land is indestructible.
Labour is perishable.
Capital is a passive factor of production.
All the above.
Solution
Land is indestructible, labour is perishable and capital is a passive factor of production.
Explanation:
- Land is indestructible: This means that the physical existence of land cannot be destroyed, although its quality or fertility can be affected by various factors.
- Labour is perishable: Labour is considered perishable because it cannot be stored for future use; if a worker does not work on a given day, the potential output from that day's labour is lost forever.
- Capital is a passive factor of production: Capital is considered passive because it requires the active involvement of labour to be productive. Capital alone cannot produce goods or services without the direction and use of labour.
RELATED QUESTIONS
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Answer the following question.
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Fill in the blank with appropriate alternative given below
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______ is a fixed in supply.
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As land cannot produce anything by itself, therefore it is called a ______ factor of production.
State two functions of land as a factor of production.
Explain in brief, the characteristics of land with respect to its supply and use.
Explain the meaning of land as a factor of production.
