Question

State the main factors for production of goods and services.Explain the same with the help of a flowchart.​

Answer 1

Answer:

we can derive this at the

below

i) The first requirement is land and other

natural resources like water, forests,

minerals, etc.

(ii) The second requirement is labour, ie.,

the people who will do the work. Some

activities require educated workers to

perform the necessary task and other

activities require workers who can do

manual work.

(i) The third requirement is physical

capital, i.e., the variety of inputs required

at every stage during production. It

includes fixed capital and working capital.

(iv) Fourth requirement-knowledge and

entrepreneur