Question

What are 4 requirements of production of goods.explain the importamnce of any one

Answer 1

Answer:The four requirements of production of goods and services are land, labor, physical capital and human capital. Land is the physical place where all the economic activity takes place. Land plays an important part in production because land itself and the resources on it are usually limited.

Explanation:

Answer 2

Answer: The four major requirements of production are:

1. Land and other natural resources
2. Labour
3. Physical Capital

• Fixed Capital
• Working Capital

    4. Human Capital- The skills and knowledge of the labour that can be used to increase the economic value of the production by putting together land, labour and physical capital.