Question

1. What are the four requirements of production? Explain with examples.
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Answer 1

The four requirements of production of goods and services are land, labor, physical capital and human capital. Land is the physical place where all the economic activity takes place. Land plays an important part in production because land itself and the resources on it are usually limited.

Answer 2

Answer:

The four requirements of production of goods and services are land, labor, physical capital and human capital. Land is the physical place where all the economic activity takes place.