Question

answer this ..........​

Answer 1

ANSWER:-

a. Any organisation in order to establish itself requires all the factors of production to produce goods and services that is land , labour, capital , entrepreneurship.

b. It would require land and other natural resources to erect its structure/building.

c. It would require labour which includes both skilled and semi skilled labour, to carry on day to day activities of the organisation .

d. Capital in terms of both Physical and working capital- It requires physical capital like generators,tools, equipment, machinery etc. It requires working capital to fulfil its day to day requirements which may include raw material, money .

e. Entrepreneurship who can organise the above resources effectively, efficient management to run the school, expert knowledge to compete and survive and making necessary changes in the

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Answer 2

There are 4 basic requirements for production of goods and services-

1. Land.

2. Labour.

3. Capital-Fixed and working capital.

4. Entrepreneur (Human capital).

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