Question

What is the aim of production? State any four
requirements needed for production of goods
and services.​

Answer 1

Answer:

Here's ur answer mate ⬇

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production.

Explanation:

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Answer 2

Answer:

The aim of production is to produce the

The aim of production is to produce the goods and services that we want.

There are four requirements for production of

goods and services.

• The first requirement is land, and
• other natural resources such as water,
• forests, minerals.
• The second requirement is labour, i.e.
• people who will do the work. Some
• production activities require highly
• educated workers to perform the
• necessary tasks. Other activities require
• workers who can do manual work. Each
• worker is providing the labour necessary
• for production.
• The third requirement is physical
• capital, i.e. the variety of inputs required
• at every stage during production. What
• are the items that come under physical
• capital?

1. (a) Tools, machines, buildings: Tools and
2. machines range from very simple tools
3. such as a farmer’s plough to
4. sophisticated machines such as
5. generators, turbines, computers, etc.
6. Tools, machines, buildings can be used
7. in production over many years, and are called fixed capital.
8. (b) Raw materials and money in hand:
9. Production requires a variety of raw
10. materials such as the yarn used by
11. the weaver and the clay used by the
12. potter. Also, some money is always
13. required during production to make
14. payments and buy other necessary
15. items. Raw materials and money in
16. hand are called working capital.
17. Unlike tools, machines and buildings,
18. these are used up in production.

• There is a fourth requirement too. You
• will need knowledge and enterprise to be
• able to put together land, labour and
• physical capital and produce an output
• either to use yourself or to sell in the market. This these days is called human capital.