What are the aim of production? Explain.
Answers
Answer:
The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.
Aim of Production :-The aim of production is to produce the goods and services to generate wealth that we want for ourselves. There are four requirements needed for the production of goods and services which are land, labour, capital and Human Capital or Entrepreneur.
The first requirement of production is land, and other natural resources such as water, forests, minerals. (ii) Labour. Labour is the next necessary factor for production. Some production activities require highly educated workers to perform the necessary tasks.
Answer:
The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.