What is the aim of production describe its requirements
Asked by admin @ in Social Sciences viewed by 298 People
What is the Aim of Production. State any Four Requirements for Production.
Answered by admin @
Production mainly aims at producing goods and services that we want.
REQUIREMENTS FOR PRODUCTION:
1)Human capital;the knowledge and enterprise of human is needed to put together land,labour, and physical produce an output.
2)Labour;these are people who carry out work for production,they include skilled and semiskilled labour where skilled labours perform the necessary tasks while semiskilled perform does manual work.
3)Land and other natural resources such as water,forest,and minerals.
4)Physical capital;these are the variety of inputs required at every stage during production.
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