Question

What is the main aim of production what are its requirements for production of goods and service what are they called?

Answer 1

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). "It is the act of creating output, a good or service  which has value and contributes to the utility  of individuals."

The aim of production is to satisfy the needs of consumer, by making or inventing various means which ultimately facilitates an appropriate standard of living & Hence leading to profits and Economic growth.

There are various aspects which are to be considered for effective production, Such as :-
¤ Raw materials
¤ Employees / Workers / Labours i. e PEOPLE
¤ Machinery
¤ Land
¤ Finance
¤ Plant

Amoung them Land Labour & Finance are primary requirements.