what is the aim of production describe its requirement
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the aim of production is to provide the goods and services that we want.
the requirements are
1. land which is the most important factor of production it is required for growing crops building factories and infrastructure
2. labour which is the peoples who do the work and manufacture goods and services labours maybe skilled unskilled educated uneducated depending upon the production work and requirement
3. III factor is the physical capital which are the variety of inputs required at every stage of production it is of two types fixed capital and working capital
. 4. human capital it is the most important factor of production which puts together land labour and physical capital to produce and output either to use for self consumption or to sell in the market
the requirements are
1. land which is the most important factor of production it is required for growing crops building factories and infrastructure
2. labour which is the peoples who do the work and manufacture goods and services labours maybe skilled unskilled educated uneducated depending upon the production work and requirement
3. III factor is the physical capital which are the variety of inputs required at every stage of production it is of two types fixed capital and working capital
. 4. human capital it is the most important factor of production which puts together land labour and physical capital to produce and output either to use for self consumption or to sell in the market
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Answer:
The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.
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