Question

what are the requirements for the production​

Answer 1

Answer:

The following factors of production are required for the production of goods and services:

i) Land and other natural resources- Land is required to set up production units and natural resources are required to provide raw materials.

ii) Labour- It is the ability to work and thus, the effort that is required in channelising the factors of production.

iii) Physical capital- It includes machinery and buildings that are used for production.

iv) Human capital- It includes human competencies, knowledge and management that is utilised for production.

Answer 2

$\underline\bold\red{AnswEr}$

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