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What is the second requirement of production?

Posted by Daksh Arora 5 years, 9 months ago

CBSE > Class 09 > Social Science

1 answers

Gaurav Seth 5 years, 9 months ago

The second is labour i.e., people who carry out the work for production.

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The four main requirements for the production of goods and services are (a) The first requirement is land and other natural resources. (b) The second is labour i.e., people who carry out the work for production. (c) The third is physical capital i.e., varieties of inputs that are required for production such as fixed capital (Building, equipment, machinery, tools, etc.) and working capital (cash, raw materials, etc.). (d) The fourth requirement is human capital, which may include technology, qualified manpower, etc. The items under physical capital are fixed capital and working capital.

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CBSE > Class 09 > Social Science