2. What is Production?
Production means, a process by which resources are
transformed into a more useful commodity or services.
In general, Production means transforming inputs (
Labour, machines, raw materials, etc.) into an useful
& desired output.
For e.g.
Steel from iron ore,
Legal services like medical, consultancy, hospitality
etc.
6. CHARACTERISTICS OF LAND
Free gift of nature.
Limited in supply.
Differ in variety.
Immobile.
Passive factor of production.
Alternative uses.
Indestructible.
10. Capital as part of Wealth
Any Commodity own by any person is his wealth.
But when wealth is used in production process, it
is called CAPITAL. For e.g.
A motor cab own by any person is his
wealth. But when this Car is used in Taxi
Services, then it is called CAPITAL.