You want to establish an industry.what factors of production would you require for his business and why
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1 first requirement is land and other natural resources
Second requirement is labour i.e. people who will do work. Some activities need highly educated workers.
Third requirement is physical capital i.e. variety of inputs required at every stage during production
Fourth requirement is the enterpreneur or owner that is important for the workers guidance. Everything will be done under his supervision
Second requirement is labour i.e. people who will do work. Some activities need highly educated workers.
Third requirement is physical capital i.e. variety of inputs required at every stage during production
Fourth requirement is the enterpreneur or owner that is important for the workers guidance. Everything will be done under his supervision
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