Question

What is the aim of the production?​

Answer 1

$\underline\bold{Aim\:of\:production:-}$

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

* $\bold{There\:are\:four\:requirements\:for \:production\:of\:goods\:and\:services:-}$

(i) The first requirement is land and other natural resources such as water, forests and minerals.

(ii) The second requirements is labour , i.e. people who will do the work.

(iii) The third requirements is physical capital, i.e. the variety of inputs required at every stage during production.

a. Tools, machines, buildings can be used in production over many years, are called fixed capital.

b.Raw materials and money in hand are called working capital.

(iv) There is fourth requirement too. You will need knowledge and enterprises to be able to put together land , labour and physical capital and produce an output.

Answer 2

Answer:

The aim of production in village palampur is to produce goods and services that we want.

Explanation: