16. The aim of production is to produce the goods and services that we want. There are four requirements for production of goods and services. The first requirement is land. and other natural resources such as water. forests, and minerals. The second requirement is labour, i.e. people who will do the work. Some production activities require highly educated workers to perform the necessary tasks. Other activities require workers who can do manual work. Each worker is providing the labour necessary for production. The third requirement is physical capital, i.e. the variety of inputs required at every stage during production. What are the items that come under physical capital? There is a fourth requirement too. This these days is called human capital. Question -- What are the items that come under physical capital? O(A) Fixed capital O (B)Working capital. O (C) Human capital O (D)Both A and B
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The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.
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