Question

what are the four requirements of Production.?​

Answer 1

FOUR REQUIREMENTS OF PRODUCTION..

(i) The first requirement is land and other natural resources such as water, forests and minerals.

(ii) The second requirements is labour , i.e. people who will do the work.

(iii) The third requirements is physical capital, i.e. the variety of inputs required at every stage during production.

a. Tools, machines, buildings can be used in production over many years, are called fixed capital.

b.Raw materials and money in hand are called working capital.

(iv) There is fourth requirement too. You will need knowledge and enterprises to be able to put together land , labour and physical capital and produce an output.

Answer 2

ANSWER

There are four requirements of production.

⏺️Land and other natural resources such as water, Forest, minerals, etc.

⏺️ Labour i.e. people who carry out the work for production.

1). Skilled labour

Highly educated workers to perform the necessary tasks.

2). Unskilled labour

They can do manual work.

⏺️Physical capital

The variety of input required at every stage during production.

1). Fixed capital

They can be used in production over many years.Ex. Tools and machine.

2). 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.

⏺️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.

HOPE it helps ✔️❣️