Question

Explain any five requirement for the production

Answer 1

There are two types of factors: primary and secondary. The previously mentioned primary factors are land, labour (the ability to work), and capital goods. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labor and capital. The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly transformed by the production process (as with fuel used to power machinery). Land includes not only the site of production but natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labour force) from labour.[1] Entrepreneurship is also sometimes considered a factor of production.[2] Sometimes the overall state of technology is described as a factor of production.[3] The number and definition of factors varies, depending on theoretical purpose, empirical emphasis, or school of economics.

Hope it helps u