explain the four requirements for the production of goods and services along with an example for each
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4 REQUITEMEMTS OF GOODS & SERVICES
1. Land
2. Labour
3. Physical capital
4. Human capital
Land is the most important thing on which the crops are grown and on the land the workers will work to get the money.
Labour is the 2nd requirement. These are the people who will work as the farm labourers on the fields. Some works requires the skilled works and some works requires the workers for manual work.
Physical capital are of 2 types:-
◆ Working capital
◆ Fixed capital
Working capital- machines, tools and buildings are examples of working capital.
Fixed capital- raw material and money in hand are the examples of fixed capital.
When we put land, labour and physical capital together to get an output then it is called as human capital.
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1. Land
2. Labour
3. Physical capital
4. Human capital
Land is the most important thing on which the crops are grown and on the land the workers will work to get the money.
Labour is the 2nd requirement. These are the people who will work as the farm labourers on the fields. Some works requires the skilled works and some works requires the workers for manual work.
Physical capital are of 2 types:-
◆ Working capital
◆ Fixed capital
Working capital- machines, tools and buildings are examples of working capital.
Fixed capital- raw material and money in hand are the examples of fixed capital.
When we put land, labour and physical capital together to get an output then it is called as human capital.
HOPE IT HELPS
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