Question

explain four requirements for the production of goods and services ​

Answer 1

Answer:

The 4 requirements are:-

land

labour

working capital and fixed capital

human resources

Answer 2

✯✯ QUESTION ✯✯

Explain four requirements for the production of goods and services ..

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✰✰ ANSWER ✰✰

The aim of production is to produce the goods,and the services that we want .There are Foir requirements for the profuction of goods and services:.

☛The First requirement is land and other natural resources such as water,forest and minerals.

☛The Second requirement is labour i.e.people who will do work..

☛The Third requirement is physical capital i.e. the variety of inputs required at every stage during production.

★Tools,machines,buildings..Tools and mavhines range from very simple tools such as a farmer's plough to so phisticated machines such as generators,turbines etc..

★Some money always required during production to make payments and buy other necessary things.

☛There is a Fourth requirement too.You will need knowledge and enterprise to be abke to put land,labour and physical capital together and produce an output..This day is called as Human Capital..