Question

What is various requirement of production ?explain them​

Answer 1

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

hope it helps you

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