Question

5.What is production? List the requirement of production.​

Answer 1

Answer:

what is production:-

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

list the requirements:-

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

Explanation:

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