What is the aim of Production gave for requirment of Production?
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The aim of production is to produce goods nd services.
The FIRST requirement is land, nd other natural resources such as water, minerals, forest.
The SECOND requirement is labour, that is people who will do the work.
The THIRD requirement is physical capital, that is the variety of inputs required at every stage during production.
a) Tools,machines nd buildings : tools, machines, buildings during production can be used over many yrs, nd r called fixed capital.
b) Raw materials nd money in hand : production requires a variety of raw materials. Some money is always required during production to make payments. Raw materials nd money in hand r known as working capital.
We will need knowledge nd enterprise to be able to put together land, labour nd physical capital nd produce an output. This these days r called human capital .
Hope it's helpful ❤️
The FIRST requirement is land, nd other natural resources such as water, minerals, forest.
The SECOND requirement is labour, that is people who will do the work.
The THIRD requirement is physical capital, that is the variety of inputs required at every stage during production.
a) Tools,machines nd buildings : tools, machines, buildings during production can be used over many yrs, nd r called fixed capital.
b) Raw materials nd money in hand : production requires a variety of raw materials. Some money is always required during production to make payments. Raw materials nd money in hand r known as working capital.
We will need knowledge nd enterprise to be able to put together land, labour nd physical capital nd produce an output. This these days r called human capital .
Hope it's helpful ❤️
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