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Explain the 4 requirements of production of goods and services?
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Explain the 4 requirements of production of goods and services?
The four requirements of the production of goods and services are land, labor, physical capital, and human capital.
1) Land -
The land is the physical place where all the economic activity takes place. Land plays an important part in production because the land itself and the resources on it are usually limited.
2) Labor -
It seems obvious, but things cannot be produced unless someone makes them. So, labor is another important requirement of production of goods and services. Labor represents all the people that are available to transform resources into goods or services that can be purchased. The land is the physical and mental efforts of human beings used for the production of goods and services.
3) Physical Capital -
Physical capital refers to a variety of inputs that are needed at different stages of production such as tools, machinery, finances, raw material, etc.
4) Human Capital -
Human capital is the fourth requirement of production of goods and services. Human capital is the knowledge and effort that is put into arranging for the other requirements like land, labor and physical capital to start the production of goods and services.
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Most Upvoted Answer
Explain the 4 requirements of production of goods and services?
The production of good services requirements are land , labour , human capital , physical capital
Community Answer
Explain the 4 requirements of production of goods and services?
These are :
LAND
LABOUR
PHYSICAL CAPITAL and
HUMAN CAPITAL .
LAND
LABOUR
PHYSICAL CAPITAL and
HUMAN CAPITAL .
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Explain the 4 requirements of production of goods and services? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about Explain the 4 requirements of production of goods and services? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the 4 requirements of production of goods and services?.
Explain the 4 requirements of production of goods and services? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about Explain the 4 requirements of production of goods and services? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the 4 requirements of production of goods and services?.
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