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State the main factors for production of goods and services.Explain the same with the help of a flowchart. |
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Answer» we can derive this at thebelowi) The first requirement is land and othernatural resources like WATER, forests,minerals, etc.(II) The second requirement is labour, ie.,the people who will do the work. Someactivities require educated workers toperform the necessary task and otheractivities require workers who can domanual work.(i) The third requirement is physicalcapital, i.e., the VARIETY of inputs requiredat every stage during PRODUCTION. Itincludes fixed capital and working capital.(iv) FOURTH requirement-knowledge andentrepreneur |
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