Consider the following statements regarding the “capital” in economic activities:
1. Capital is an active factor of production.
2. It is a man-made resource and is used to increase the efficiency of other factors of production.
3. It has an unlimited life span.
Which of the above statements is/are correct?1
1, 2 and 3
2
1 and 3 only
3
2 only
4
2 and 3 only