Home Adam smith capital asset depreciation durable economics s non-renewable resource physical capital production service stock. ![]() Use our easy online designer to add your artwork, photos, or text. Create custom t-shirts and personalized shirts at CafePress. Usually the value of land is not included in physical capital as it is not a reproducible product of human activity. The others are natural resources (including land), and labor - the stock of competences embodied in the labor force. ![]() In economic theory, physical capital is one of the three primary factors of production, also known as inputs in the production function. The production function takes the general form Y=f(K, L), where Y is the amount of output produced, K is the amount of capital stock used and L is the amount of labor used.
0 Comments
Leave a Reply. |