![]() ![]() In terms of factors of production, it is critical to distinguish between personal and private capital. Money, on the other hand, is not a factor of production because it is not directly involved in the production of a good or service. It means that there are factors in labor that are important, such as work schedule flexibility, fair treatment of employees, and safe working conditions.Īlso Read | Determinants of Demand and SupplyĬapital is commonly used in economics to refer to money.
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