What is the aim of production ?State any four requirements for production
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Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). ... Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs.
You may have at some point in your life been part of or seen local neighborhood children running a lemonade stand. Running a lemonade stand is probably the simplest example that showcases one of the main goals of our economic system: to make a profit. In order to make a profit, a person usually needs certain things, or certain economic inputs. The economic inputs used to make a profit are called factors of production. According to it four factors are land labour capital entrepenureneurship
You may have at some point in your life been part of or seen local neighborhood children running a lemonade stand. Running a lemonade stand is probably the simplest example that showcases one of the main goals of our economic system: to make a profit. In order to make a profit, a person usually needs certain things, or certain economic inputs. The economic inputs used to make a profit are called factors of production. According to it four factors are land labour capital entrepenureneurship
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The aim of production is to produce the goods and services that we want. There are four requirements for production of goods and services. They are:-
1) Land.
2) Labour or work force.
3) Physical capital.
4) Human capital.
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