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Answer» Hey mate
Here is ur answer
Four requirements of PRODUCTION are:
1)Labour : People who carry out the work for production.
2)Land and other natural resources such as soil, water, forest, minerals etc.
3)Capitals which are divided into two categories :
Physical capital : The VARIETY of inputs required at every stage during production.
1. Fixed capital: They can be used in production over many years.
2. EX: Tools, machines and buildings.
Working capital: The raw material and money in hand are called working capital. They are used up in the process of production and ALTER from day-to-day.
4)HUMAN capital: Human knowledge and enterprise is NEEDED to put together land, labour, and physical capital and produce an output. This is called human capital.
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