The requirements that needed for production
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there are 4 requirements for production,these include
1.Land-this is the physical location where the economic activity occurs
2.Labour-these are all people available to work/change resources to finished products that can be used by customers
3.capital-this refers to the inputs needed for production,can either be human or physical
4.entrepreneurship-this is the ability to arrange all other factors in such a way that is profitable
1.Land-this is the physical location where the economic activity occurs
2.Labour-these are all people available to work/change resources to finished products that can be used by customers
3.capital-this refers to the inputs needed for production,can either be human or physical
4.entrepreneurship-this is the ability to arrange all other factors in such a way that is profitable
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