Explain the four main requirements for the production of goods and services
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land
labour(skilled and unskilled)
physical capital(fixed and working)
human capital(enterprise)
these are the four major requirements for the production of goods and services.
labour(skilled and unskilled)
physical capital(fixed and working)
human capital(enterprise)
these are the four major requirements for the production of goods and services.
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8
The main requirements for the production of goods and services are as below:
1. Land: This is the first factor of production and it consists of any natural resource used in goods and services production.
2. Labor: It is known as the human capital, It is the effort that people contribute to the production of goods and services
3. Capital: Capital consists of machines, tools, infrastructure etc. which is used in production Capital differs based on the worker and type of work.
4. Entrepreneurship: It is the person who combines all 3 factors of production and keeps a check and balance on them in order to earn profits.
1. Land: This is the first factor of production and it consists of any natural resource used in goods and services production.
2. Labor: It is known as the human capital, It is the effort that people contribute to the production of goods and services
3. Capital: Capital consists of machines, tools, infrastructure etc. which is used in production Capital differs based on the worker and type of work.
4. Entrepreneurship: It is the person who combines all 3 factors of production and keeps a check and balance on them in order to earn profits.
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