The story of Village PalampurQ.1 What are the four requirements for pr

1.	The story of Village PalampurQ.1 What are the four requirements for production? Explain the importance of any one ofthese.
Answer» Resources required for generation ofgoodsor services, generally classified into fourmajorgroups: Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and. Enterprise (which brings all the previous resources together for production). Natural resourcessuch as oil, gas,land minerals and timber are expected to continue to play a significant role inresourceabundant economies, as demand from rapidly growing economies increases, and as supplies of non-renewableresourcesdecline and renewableresourceharvests approach maximum sustained yield levels. The four requirements of production are:1.land2.Labour 3.physical capital 4.human capital

The story of Village PalampurQ.1 What are the four requirements for production? Explain the importance of any one ofthese.

Answer»

Resources required for generation ofgoodsor services, generally classified into fourmajorgroups:

Land (including all natural resources),

Labor (including all human resources),

Capital (including all man-made resources), and.

Enterprise (which brings all the previous resources together for production).

Natural resourcessuch as oil, gas,land minerals and timber are expected to continue to play a significant role inresourceabundant economies, as demand from rapidly growing economies increases, and as supplies of non-renewableresourcesdecline and renewableresourceharvests approach maximum sustained yield levels.

The four requirements of production are:1.land2.Labour 3.physical capital 4.human capital

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