In Micro Economics, what is the definition and description between "Capital" and "Labor," and what impact do they have on Production Technologies?

Capital is the financial cash or wealth in form of assets and machines owned by a business organization for the purpose of doing business. Since technology is expensive as it requires sophisticated machines, capital is essential to buy machines and pay workers.

On the other hand, labor implies the workers or workforce in an organization concerned with the operation, management, and production in that particular organization. Modern technology requires high skilled personnel thus availability of qualified staff is key to the success of production technology.