Write some basic requirement of an industry
Answers
Answer:
rawmaterial,money, labour,primary machines
An Industry needs some basic requirements they are as follows
• Labor, Land, Transport, Human capital, Physical capital and etc.
• These are the basic requirements for the Industry set up.
• An Industry is a vicinity that generates goods and services within an economy.
• Land plays a crucial role in the production. It is the physical place where all the economic activity takes place
• Labor is the first priority in any industry. A large number of workers required in spite of increasing mechanization.
• Transport is very important for the quick disposal of manufactured goods and products.
• Physical capital includes tools, machinery, raw materials. These are used in different stages of production.
• Human capital includes goods and services. All the above requirements are needed to start the production in an industry.