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WAEC Economics 1999 Question 4

Question 4

Theory of Production

Which of the following best describes capital as a factor of production?

  1. A.a natural resource found everywhere
  2. B.a stock of physical assets used for production
  3. C.the organization of human and material resources for production
  4. D.resources used in training labour
Show the answer and explanation

Answer: B (a stock of physical assets used for production)

Explanation

Capital is man-made wealth (machines, buildings, tools) used to produce other goods.