Question

what are the 4 requirements of production? explain each

Answer 1

Hey mate

Here is ur answer

Four requirements of production are:

1)Labour : People who carry out the work for production.

2)Land and other natural resources such as soil, water, forest, minerals etc.

3)Capitals which are divided into two categories :
Physical capital : The variety of inputs required at every stage during production.

1. Fixed capital: They can be used in production over many years.

2. EX: Tools, machines and buildings.

Working capital: The raw material and money in hand are called working capital. They are used up in the process of production and alter from day-to-day.

4)Human capital: Human knowledge and enterprise is needed to put together land, labour, and physical capital and produce an output. This is called human capital.

Answer 2

4 requirements of production are:
land
Labour
enterprise
fourth is physical capital