Question

what is production ? what are the various requirements / factors of production ? explain them.

Don't Spam​

Answer 1

Answer:

Here is your answer Mate :

Explanation:

Production is the process of creating various goods and services, which are consumed by the people of a country. It is process in which some materials are transformed from one form to another.

The four requirements / factors of production are :

(i) Land: By land we mean not only the level surface but all gifts of nature which are amenable to human control, such as water, forests, minerals, etc.

(ii) Labour: Manpower required to do the work. The mental and physical work done by people in an organisation comes under labour.

(iii) Physical Capital: It means a variety of inputs required at every stage during production.

(iv) Human Capital : One needs knowledge and enterprise to be able to put together land, labour and physical capital and produce an output; either to use it by oneself or to sell in the market.

Hope this may helpful to you.

Thank you..