Question

what is the aim of production ?state any four requirements for production for 5marks

Answer 1

It is the act of creating output avoid or service which has value and contributes to the utility of the individual .Hence all economic activities that aim directly or indirectly to satisfy human wants and needs

Answer 2

The aim of production is to produce the goods and services that we want . There are four requirements for production of goods and services: land , labour, physical capital and human capital