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Question
Which of these factors of production is called produced means of production?
Options
Land
Labour
Capital
Entrepreneur
Solution
Capital
Explanation:
Capital is referred to as the "produced means of production" because it includes tools, machinery, equipment, and buildings created by human effort and used in producing goods and services. Unlike land and labour, which are natural and human resources, respectively, capital is a man-made resource that facilitates further production.
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