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What are the four requirements for production? Explain the importance if any one of these? |
| Answer» There are four requirements for production of goods and services.a. Land and other natural resources such as water, forest, minerals, etc.b. Labour i.e. people who carry out the work for production.1. Skilled labour: Highly educated workers to perfARm the necessary tasks.2. Semiskilled labour or unskilled labour: They can do manual work.c.Physical capital : The variety of inputs required at every stage during production.d. 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. | |