Question

name and explain the four requirement need for production

Answer 1

1) Land: It is the land used to set up factories, etc.
2) Labour: It is the people which help in the process of production. It is of 2 types educated and manual workers.
3) Physical Capital: Tools and machinery and raw material used in factors of production. It is of 2 types working capital and fixed capital.
4) Human Capital: It is the knowledge and enterprises use to put together land, labour and physical capital.