NATURAL FACTORS MAN-MADE FACTORS

32.         NATURAL FACTORS

MAN-MADE FACTORS

1.      Meaning It refers to those factors, which are gifted by nature. 2.      Examples Natural factors include land, minerals, oil resources, etc. 3.      Permanency The natural factors are permanent in nature. For instance, land is permanent in nature. 4.      Appreciation/Depreciation      The natural factors appreciate in value over a period of time. For instance, the value of land increases due to scarcity.

It refers to those factors, which are created by man. Man-made factors include capital, skilled labour, machinery, etc. Man-made factors lack permanency for instance, machinery lacks permanency. Man-made factors may depreciate over a period of time. For instance, machinery depreciates in value due to wear and tear.