The aim of production is to produce ____ to satisfy the needs of people as per their demand.

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Detailed Solution

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Production of goods and services requires four essential factors of production. It includes land, labour, physical capital, and human capital. The land is essential to start a production process and set up factories and offices. Labour is required to carry out the production. Capital is of two types: fixed capital and working capital. Human capital is necessary to manage production and other activities related. to it. Production aims at providing us with goods and services that we need for our satisfaction.

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