Question

1. What are the four important requirements for the production of goods and

services? ​

Answer 1

Explanation:

The main requirements for the production of goods and services are land, labor, physical capital, and human capital.

Answer 2

Four Important Requirementa For Production of Goods and Services Are :-

• The First requirement Is Land , Water and Other Natural Resources Such as Forest and Minerals .

• The Second Requirement Is Labour i.e people Who Will do the Work . Some Production require highly Educated workers to perform the work while other activites require workers who can do manual work

• The Reuirement Is Physical Capital i.e the variety Of Inputs Required at Every Stage Of Production. There are two types of Capital :- Fixed Capital :- These inputs can be used for many users. e.g:- Tools, Machines , Builduing etc . And Other is Working Capital :- These Inputs are used up in production . e.g :- Raw Materials and Money In Hand

• The Final Capital Is Human capital . Knowlege and Enterprise required to put toghether labour and Capital to produce an Output is called Human capital.

Hope it helped