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Basic Concepts of Economics — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsBasic Concepts of Economics2 Marks
Question
Define capital. State its two features.
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Answer

(a) Capital refers to all those man made durable goods that are used to produce other goods and services.
(b) Two features of Capital
(i) Capital is a produced means of production, as it is man made.
(ii) Capital is a passive factor of production, as it cannot be used without cooperation of labour.

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