Question

name the requirements which are necessary for production of goods and services.

Answer 1

1. Proper machinary
2. Water supply
3. Working and fixed capital
4. Human capital
5. Labourers
6. land

Answer 2

The requirements which are necessary for production of goods and services are land, labor,physical capital and human capital

1) Land
land is the physical place where all the economic activity take place. Land plays an important part because land itself and the resources are usually Limited.

2) Labor
It seems obvious , but things cannot be produce unless someone makes them. So labor is another requirement of production of goods and services. labor present all the people that are available transform resources into goods or services that can be purchased.
Land is the physical and mental efforts of human beings used for the production of goods and services.

3) Physical capital
Physical capital refers to the variety of inputs that I needed at different stages of production such as tools , machinery , finance and raw material etc.

4) Human capital
Human capital is the fourth production of goods and services . Human capital is the knowledge and efforts that is put into to arrange other requirements like land , labour , physical capital to start the production of goods and services.

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