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Friday, 29 May 2015

What are the essential four requirements for production

What are the essential four requirements for production? 

 Explain the four requirements of the
production of goods & services. 

Answer: Four essential requirements for production of goods and services are:

 1. Land and other natural resources i.e. water, forests, minerals etc. 

2. Labour,: People who do the work. A worker provides the labour necessary for production. 

3. Physical Capital: variety of inputs required at different stages of production. 

4. Knowledge and Enterprise: Knowledge and enterprise to be able to put together land, labour and physical capital and produce an output.

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