Question

What is the aim of production? State any four requirements for production​

Answer 1

Answer:

The aim of production is :

1.To satisfy the requirements of the consumers.

2To utilize the natural resources of the world for the benefit of people.

The four requirements of production are the factors of production:

1.land

2.labour

3.capital

4.entrepreneur

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. They are:-

1) Land.

2) Labour or work force.

3) Physical capital.

4) Human capital.