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What is aim of production???

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What is aim of production???
  • 1 answers

Meghna Thapar 5 years, 5 months ago

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc. Labour or Workers The workers provide necessary labour for production. The four requirements of production of goods and services are land, labor, physical capital and human capital. Land is the physical place where all the economic activity takes place. Land plays an important part in production because land itself and the resources on it are usually limited.

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