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Q.

Which one of the following is not a requirement for the production of goods and services?

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a

Land

b

Rainfall

c

Physical capital

d

Good education

answer is B.

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Detailed Solution

Rainfall is not a requirement for the production of goods and services.
Even though certain agricultural commodities require rainfall, it is not necessary to provide services. The land is a significant factor in production. It is needed for farming purposes and for construction or manufacturing activities. It is also essential for providing services like transportation, banking, etc. Similarly, physical capital like buildings and vehicles is necessary to produce goods and services. Education is another significant component that helps create goods and services with proper knowledge.

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