Question

What is the Aim of Production. State any Four Requirements for Production.

Answer 1

Production mainly aims at producing goods and services that we want.
REQUIREMENTS FOR PRODUCTION:
1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.
2)Labour;these are people who carry out work for production,they include skilled and semiskilled labour where skilled labours perform the necessary tasks while semiskilled perform does manual work.
3)Land and other natural resources such as water,forest,and minerals.
4)Physical capital;these are the variety of inputs required at every stage during production.

Answer 2

Answer:

The aim of production is to produce goods and services so as to satisfy the needs of people as per their needs and wants.

Explanation:

Requirements of production:

• Land: Land is the primary need for production as to set up factory or manufacturing industry, it is needed.
• Human labour: Labour needed for produce the goods and services can be skilled or unskilled depending on the goods produced.
• Physical capital: It comprises of capital that is required as input at different stages of the business.
• Human capital: It comprises knowledge and enterprise to use the above mentioned requirements in a systematic and productive way.