Question

What are the prime requirement for production of good and service

Answer 1

The four requirements of production of goods and services are land, labor, physical capital and human capital. ... So, labor is another important requirement of production of goods and services. Labor represents all the people that are available to transform resources into goods or services that can be purchased.

Answer 2

Factors or requirements for manufacture of goods are :

1) availability of raw material

2) availability of cheap labor

3) availability of call and bank facilities

4) availability of power and infrastructure

5) close proximity to markets

6) availability of adequate and Swift means if transportation