Question

explain labour and human capital as the requirement for production

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.Factors of production is an economic term that describes the inputs that are used in theproduction of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.

Answer 2

Explanation:

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production

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