Question

Explain any three requirements for production of a good and service

Answer 1

Answer:

this is your required answer

Answer 2

Answer:

• Land

land required for establishing an industry, this includes water, minerals and other natural resources available on the land. this is the least abundant factor in india

• Labour

workers required to do the work required for production. this is the most abundant factor

• Physical capital

this includes money in hand and raw materials which can be further classified into working capital

fixed capital like machines and building is also required

• Human capital

also known as the entrepreneur, this factor is responsible for bringing all the three factors together in order to produce goods. this is the most important factor

Explanation:

these are the factors of production, which are required to produce goods and services

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