Economics: Production Requirements

land, labour, physical capital, and human capital

Farming

The fixed land area under cultivation

<p>Physical capital</p> Signup and view all the answers

<p>The well-being of the people is closely related to production on the farms</p> Signup and view all the answers

<p>To produce the goods and services that we want.</p> Signup and view all the answers

<p>Fixed capital (tools, machines, buildings) and working capital (raw materials and money in hand)</p> Signup and view all the answers

<p>The second requirement is labour, and it requires people who can do various tasks, including highly educated workers and manual workers.</p> Signup and view all the answers

<p>Raw materials are used to make the goods and services, and money in hand is used to make payments and buy other necessary items.</p> Signup and view all the answers

<p>Knowledge and enterprise</p> Signup and view all the answers