Question

What are the essential requirements for production? Give one line to define the requirements.

Answer 1

Answer:

for production we need raw materials

Explanation:

requirement means something we dont have and we need it

Answer 2

Answer:

The correct answer of this question is Land, labour, physical capital, and human capital.

Explanation:

Given - The essential requirements for production.

To Find - Give one line to define the requirements.

Land, labour, physical capital, and human capital are the four needs for producing products and services.

1) Land - The actual location of all economic activity is called land.

2) Labor - It may seem self-evident, yet things can't be made unless someone does it.

3) Physical Capital - Man-made commodities that aid in the production process are referred to as physical capital. Physical capital includes cash, real land, equipment, and inventories.

4) Human Resources - Human resources (HR) is the department inside a company that is in charge of all employee-related matters.

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