Write breifly about the factor of …

Factors of production:

Land:  It is defined so as to include not only the surface of the Earth but also all the other gifts of nature.

Labour: Labour consists of all human efforts of the body or mind which are undertaken in the expectation of reward.

Capital:  Capital is known as the produced means of production. First, it is created by man and is not a gift of nature. Second, it is a means of production and used as an input in producing other goods. Such type of goods is not directly consumed. 

Human Capital: A human capital is a person who carries the risk of business and coordinates the activities of all the other factors of production.

Out of all the four factors of production, human capital is considered the best among all the resources. This is because it makes use of the other resources like land, labour and physical capital to produce an output while the other resources cannot become useful on their own.