What is various requirement of production ?explain them
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the aim of production is to produce goods and services we want
there are 4 requirements for production of goods and services we want
they are:
land-land is an area which is used by farmer for cultivating
labour-people who will do the work each worker is providing the labour necessary for production
human capital:the people who organizes and supervises land labour and the physical capital
physical capital:the variet of inputs needed at every stage of production
under this there are 2 types:
fixed capital:tools,machine,buildings,that can be used in crop production over many years
working capital:raw materials,and money in hand this capital changes over period
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