Explain four basic requirements for production of goods and services?
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Land (including all natural resources),
Labor (including all human resources),
Capital (including all man-made resources), and.
Enterprise (which brings all the previous resources together for ᴩʀᴏᴅᴜᴄᴛɪᴏɴ
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★ʙᴇ ʟᴏɴᴇʟy★
Labor (including all human resources),
Capital (including all man-made resources), and.
Enterprise (which brings all the previous resources together for ᴩʀᴏᴅᴜᴄᴛɪᴏɴ
_________________________________________________________________
★ʙᴇ ʟᴏɴᴇʟy★
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Four basic requirements for production of goods and services are :
1) land ( including all natural resources )
2) Labor ( including all human resources )
3) Capital ( including all man-made resources )
4) Enterprises ( which brings all the previous resources together for production)
These factors are classified also as management , machines , materials and money or other such nomenclature . More recently , knowledge has come to be recognized as distinct from labor , and as a factor of production in its own right .
1) land ( including all natural resources )
2) Labor ( including all human resources )
3) Capital ( including all man-made resources )
4) Enterprises ( which brings all the previous resources together for production)
These factors are classified also as management , machines , materials and money or other such nomenclature . More recently , knowledge has come to be recognized as distinct from labor , and as a factor of production in its own right .
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