Question

What is the aim of production? State any 4 requirement for production

Answer 1

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The aim of production is to produce the goods and services to generate wealth that we want for ourselves. There are four requirements needed for the production of goods and services. These are described as follows. Land is fixed and immobile in nature.

Resources required for generation of goods or services, generally classified into four major groups:

• Land (including all natural resources),
• Labor (including all human resources),
• Capital (including all man-made resources), and.
• Enterprise (which brings all the previous resources together for production).

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