explain the 4requirements of the production of goods and services
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There are four requirements for production of goods and services
LAND- natural resources such as water, forests , minerals
LABOUR- production activities require labour
PHYSICAL CAPITAL- the variety of inputs required at every stage during production . It is of two types fixed capital and working capital
HUMAN CAPITAL put together land, labour and physical capital and produce an output either to use yourself or to sell in the market . This these days is called human capital .
LAND- natural resources such as water, forests , minerals
LABOUR- production activities require labour
PHYSICAL CAPITAL- the variety of inputs required at every stage during production . It is of two types fixed capital and working capital
HUMAN CAPITAL put together land, labour and physical capital and produce an output either to use yourself or to sell in the market . This these days is called human capital .
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