What Is The First And Foremost Requirement For The Production Of Goods And Services?

The first and foremost requirement for the production of goods and services is the land and other factors of production like labour and capital .

What are the requirements for the production of goods and services explain?

The four requirements of the production of goods and services are land, labor, physical capital, and human capital . The land is the physical place where all the economic activity takes place. Land plays an important part in production because the land itself and the resources on it are usually limited.

What is the prime requirement for production of goods and services?

Explanation: The land is the prime requirement for the production of goods and services. Land facilitates the development of the factory where the manufacturing process will be carried on. The land is itself one of the limited resources that can help you in producing unlimited goods and products.

Which is the first requirement of production?

Answer: Land is the first requirement of production.

What is the first requirement of production labour land physical capital human capital?

Explanation: 1) Land is the first factor and the basic requirement for production along with other natural resources like water and minerals. 2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.

What are the requirements for production class 9?

There are four factors of production i.e. land, labour, physical capital and human capital . The first requirement for production is land. Land as a production factor also includes other natural resources like water, forests and minerals found in the earth’s crust.

What is the first and foremost requirement for the production of goods and services Class 9?

Answer: The first and foremost requirement for the production of goods and services is the land and other factors of production like labour and capital .

What is the prime requirement for production of goods and services Class 9?

The four requirements of production of goods and services are land, labor, physical capital and human capital . ...

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

Explanation: Education has no relation with the production of goods as education is not a ingredient or material used in production.

What is the first requirement of?

first requirement Definition | Law Insider.

Which is the first requirement for labour?

The first requirement of production is land, and other natural resources such as water, forests, minerals . (ii) Labour. Labour is the next necessary factor for production. Each worker provides the labour necessary for production.

Which of the following is are the requirements of human capital?

Examples of human capital include communication skills , education, technical skills, creativity, experience, problem-solving skills, mental health, and personal resilience.

What are the four requirements for production of goods and services in Palampur?

What are the four requirements for production of goods and services? Describe any one of them. The main requirements for production of goods and services are land, labour, physical capital and human capital .

What is production class 9 Ncert?

production is the process of creating various goods and services , which are consumed by the people of a country. it is the process in which some materials are transformed from one form to another.

What is the first and foremost requirement?

The foremost requirement is land and other natural resources such as water, forests, minerals , etc.

What is the second requirement of production name its two types?

The first requirement is land, and other natural resources such as water, forests, minerals. The second requirement is labour , i.e. people who will do the work. Some production activities require highly educated workers to perform the necessary tasks. Other activities require workers who can do manual work.

What is the aim of production write any four requirements needed for production of goods and services?

The aim of production is to produce goods and services to satisfy the needs of people as per their demand. Four factors for production of goods and services are as follows : Land Land and other natural resources such as water, forests, minerals etc . Labour or Workers The workers provide necessary labour for production.

What is the first requirement of production class 9?

Answer: The four main requirements for the production of goods and services are (a) The first requirement is land and other natural resources . (b) The second is labour i.e., people who carry out the work for production.

Which requirement for production is considered the best?

Human capital is considered to be the best.

What is the aim of production class 9?

Aim of Production :-The aim of production is to produce the goods and services to generate wealth that we want for ourselves . There are four requirements needed for the production of goods and services which are land, labour, capital and Human Capital or Entrepreneur.

What are the four requirements for production explain with examples?

The four requirements of production of goods and services are land, labor, physical capital and human capital . Land is the physical place where all the economic activity takes place. Land plays an important part in production because land itself and the resources on it are usually limited.

Which of the following is not a requirement for filing a design?

Application must be relatable as like something. Designs must not be previously registered . Design should be visible on the particular article. Design should not be included in any trade mark as registered under the company’s act.

What is the first requirement of civility?

Explanation: The first requirement of civility is that we should acknowledge a service . „Please‟ and „Thank you‟ are the small change with which we pay our way as social beings. They are the little courtesies by which we keep the machine of life oiled and running sweetly.

What is 9th working capital?

Option C) Working Capital: Working capital refers to the raw materials and cash on hand that are used in the manufacturing of goods . The current capital is another name for it.

What is human capital Class 9?

Answer: Human capital is the stock of skilled and productive work force of a nation . ... Population of a nation becomes human capital through education, training and medical care.

What are the three basic requirements of factors of production?

Though the number and variety of the different resources businesses require is limitless, economists divide the factors of production into three basic categories: land, labor, and capital .

Which is the first stage in HR planning Mcq?

The first step in the human resource planning process is forecasting future human resource needs . Human resources (HR) forecasting involves projecting labor needs and the effects they’ll have on a business.

What is the first step in training process?

1. Needs Assessment. The first step in the training process is to assess the need for training the employees. ...
2. Defining Training Objective. ...
3. Designing a Training Program. ...
4. Implementation of the Training Program. ...
5. Evaluation and Follow up. ...
6. Organisation’s Aim. ...
7. Analysing Training Needs. ...
8. Setting aims and learning objectives.

What are 3 examples of human capital?

• Education.
• Technical or on-the-job training.
• Health.
• Mental and emotional well-being.
• Punctuality.
• Problem-solving.
• People management.
• Communication skills.

What are the main factors of production?

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship .

What is meant by production?

Production is the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

What are the requirements of production in Palampur?

• Land – It is the first requirement and is most important reqirement on which production is done.
• Labour- It is the second requirement i.e. the people who will do the work.
• Physical Capital- ...
• Human Capital-

What is class 11th production?

Production: Combining inputs in order to get the output is production. It is the conversion of inputs into output . Production Function: It is the functional relationship between inputs and output in a given state of technology.

What is the first chapter of economics class 9?

NCERT Solutions for Class 9 Economics Chapter 1 – The Story of Village Palampur contains the solutions to the exercises given in the economics book. NCERT Solutions of the exercises are provided, which will help Class 9 students to develop a skill for writing answers in an effective way.