QUESTION:-
what are the four requirements for the production of goods and services?
Answers
Answered by
100
Answer:
The first requirement is land and other natural resources such as water, forest and minerals.
The second requirement is Labour. Some production activities need to be done by highly educated workers. On the other hand, some activities require manual work.
Physical capital is of two types.
- Fixed capital
It refers to investment in those outputs which can be used for years. Such as:- tools, machines,and buildings.
- Working capital
Raw material and money in hand are working capital.
Above three requirements cannot produce goods and services themselves. Hence, humans are required to supervise to produce goods and services.
Answered by
11
Explanation:
The main requirements for the production of goods and services are land, labor, physical capital, and human capital.
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