Question

explain four requirements for the production of goods and services

Answer 1

Human capital is the fourth requirement of production of goods and services. Human capital is the knowledge and effort that is put into arrange for the other requirements like land, labor and physical capital to start the production of goods and services.

Answer 2

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The four requirements for the production of goods and services are:
(a) The first requirement is land and other natural resources.
(b) The second is labour i.e., people who carry out the work for production.
(c) The third is physical capital i.e., varieties of inputs that are required for production such as fixed capital (Building,   equipment,   machinery, tools, etc.) and working capital (cash, raw materials, etc.).
(d) The fourth requirement is human capital, which may include technology, qualified manpower, etc. The items under physical capital are fixed capital and working capital.


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