Identify land, labor and capital as the three factors of production and give examples.

I have explained about land. can someone please help me with labor and capital? please!

Thank you

Check these sites.

http://en.wikipedia.org/wiki/Factors_of_production

http://www.auburn.edu/~johnspm/gloss/factors_of_production

Of course! I'd be happy to help explain labor and capital as factors of production.

Labor refers to human effort (both physical and mental) that is applied towards the production of goods and services. In simpler terms, it is the work done by individuals to produce goods or provide services. Labor can be either skilled or unskilled, and it includes both manual and intellectual labor.

Examples of labor include:

1. Skilled labor: This refers to individuals who have specialized knowledge, skills, or expertise in a particular field. Examples can include doctors, engineers, architects, lawyers, scientists, and professional athletes.

2. Unskilled labor: This refers to individuals who perform manual or repetitive tasks that require little to no specialized education or skills. Examples can include factory workers, janitors, construction workers, and agricultural laborers.

3. Intellectual labor: This refers to individuals who provide services that primarily rely on mental effort and knowledge, rather than physical labor. Examples can include teachers, consultants, researchers, writers, musicians, and artists.

Now, let's move on to capital as a factor of production.

Capital refers to the physical assets and resources used in the production process. These include machinery, tools, equipment, buildings, technology, and infrastructure. Capital can be classified into two main types:

1. Physical capital: This refers to tangible assets that are used in the production process. Examples can include factory buildings, machines, vehicles, computers, office furniture, and tools.

2. Financial capital: This refers to the monetary resources that are used to acquire physical capital and other productive resources. Examples can include savings, investments, loans, and equity.

It's worth noting that in economics, capital does not refer to money itself but rather the goods and resources that are used to produce other goods and services.

So, labor and capital along with land are the three essential factors of production in economics, and they all work together to produce goods and services in an economy.