Question

what is production and explain it'sfour requirements

Answer 1

$Production$ is to produce the goods and services that we want.

It's 4 requirements are :

➡ $Land$ , and other natural resources such as water, forest, minerals, etc.

➡ $Labour$, i.e people who do the work .

➡ $Physical Capital$, i.e the variety of inputs required at every stage during production . It is divided into two groups :
✴ $Fixed Capital$ ( i.e, Tools, machines, buildings )
✴$Working Capital$ (i.e. raw material and money in hand )

➡ $Human Capital$, i.e, the knowledge and enterprise needed to put together land, Labour and physical capital and produce an output to either for self consumption or to sell in the market .



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Answer 2

Production > the action of making or manufacturing from components or raw materials, or the process of being so manufactured.

The following points may help you:

a. Any organisation in order to establish itself requires all the factors of production to produce goods and services that is land , labour, capital , entrepreneurship.
b. It would require land and other natural resources to erect its structure/building.
c. It would require labour which includes both skilled and semi skilled labour, to carry on day to day activities of the organisation .
d. Capital in terms of both Physical and working capital- It requires physical capital like generators,tools, equipment, machinery etc. It requires working capital to fulfil its day to day requirements which may include raw material, money .
e. Entrepreneurship who can organise the above resources effectively, efficient management to run the school, expert knowledge to compete and survive and making necessary changes in the