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What is the role of capital in production?

      

What is the role of capital in production?

  

Answers


John
1. It increases productivity of workers.
2. It makes technology advancement a possibility since different technology requires different capital.
3. Capital formation leads to economic growth and development.
4. Capital formation enhances large scale production and also specialisation whereby a firm benefits from large economies of scale and also advantage of specialisation.
Jonmhumble answered the question on October 26, 2017 at 16:00


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