Question

Explain briefly any one requirement of production

Answer 1

Answer:

There are four requirement of production of goods and service they are.....

1...land ....is the physical place where all the economic activity takes place land plays an important part in the production because land itself and the results on is usually limited...

2. labour it seems obvious but things can be produced unless someone make them so labour is another important requirement of production of goods and services label represent all the people that are available to transform resources into goods or services that can be purchased land is and physical and mental effort of human beings used for the production of goods and services....

3..... physical capitalrefers to velocity of inputs that are needed at different stages of production such as tool machinery is financial raw material ......

4....human capital is their fourth requirement of the production of goods and services human capital is the knowledge and effect that is put into a range for the other requirements like land labours and physical captain to start up the practice production of the goods and services.....