What is capital to one business may not be capital to another. For example, if you are professional musician your instruments are capital but most musical instruments are personal assets.Physical capital doesn't include land as this is viewed as a natural resource in the three factors of production model. Although land is physical it has special properties. For example, it generally doesn't go down in value as with other capital. It also can't be manufactured such that it has a more or less fixed supply. The three factors of production (land, labor and physical capital) is an old economic theory that is essentially incorrect whereby it doesn't account for things like software, data, intellectual property or relationships that are also factors of production.At the level of a nation, physical capital includes government capital used to produce public services. For example, hospital equipment or a desk in a school.
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