Question

explain the 4requirements of the production of goods and services

Answer 1

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 .