Question

explain the four basic requirements for production of goods and services explain their importance ​

Answer 1

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Answer 2

Answer:

1. Land
2. Labour
3. Capital
4. Enterprise

Explanation:

Land:

Place where the production of goods and services takes place.

Labour:

Is the physical and mental work a labour undergoes for wages or salary.

Capital:

All those goods which are used for further processing of goods and services.

Example: Tractor, Drill machines

Enterprise:

Take risks, and combine all the factors of production to allocate the resources.