Define the meaning and aim of production
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The aim of production is to produce the goods and services that we want. There are four factors of production: (i) Land. The first requirement of production is land, and other natural resources such as water, forests, minerals.
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Meaning of production.. production is the process of combining factors of production to produce good and services... the aim of production is to produce the good and services to satisfy human wants. there are. four requirment for production of good and services:
land labour, physical captain and human capital
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