1.2.3 Capital
Completion requirements
Capital factors of production are the public and private physical assets used in association with land and labour to produce goods and services.
Capital includes, for example, machinery, equipment, factory buildings, schools, roads, and hospitals. It includes any money available for investment, and more recently, technology.
The economic impact of technology (the Internet, hardware, software, and robotics, for example) is huge. Many economists believe it eventually will become a separate production factor. Not only does technology play a major role in production, it supports a global economy by enabling fast and efficient communication across multiple borders.
The economic impact of technology (the Internet, hardware, software, and robotics, for example) is huge. Many economists believe it eventually will become a separate production factor. Not only does technology play a major role in production, it supports a global economy by enabling fast and efficient communication across multiple borders.