Question

what are the requirements for production of good and services?​

Answer 1

Answer:

The main requirements for the production of goods and services are land, labor, physical capital, and human capital

Answer 2

$\large{\underbrace{\sf{\red{Land:}}}}$

It includes land and other natural resources like water, forests, minerals.

$\large{\underbrace{\sf{\orange{Labour:}}}}$

People who will do the work.Labour is both skilled and unskilled.Skilled labour is required for technical tasks and unskilled labour is required for manual and non-technical works.

$\large{\underbrace{\sf{\pink{Physical\:Capital:}}}}$

It includes tools ,machines, building known as fixed capital.There is also requirement of raw material and money in hand which is known as working capital.

$\large{\underbrace{\sf{\green{Physical\:Capital:}}}}$

There is need of knowledge an enterprise to be able to put together land,labour and physical capital to produce output.This requirement is met by entrepreneur,promoters or idea generators who carry the production activity for self or for selling in the market.

_____________________