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Q.

Which of the following is the requirement for production of goods and services?


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a

Land

b

Labour

c

Human capital

d

All the above 

answer is D.

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Detailed Solution

There are four requirements for the production of goods and services: land, labour, human capital, and physical capital.
1)      The first requirement is land and other natural resources like water, wood, and minerals.
2)      The second prerequisite is labour and the availability of workers. All workers are necessary for the completion of work.
3)      Physical capital is the variety of inputs required at each manufacturing stage.
4)      The knowledge and skills required to implement the above factors are called human capital.
 
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