Flashcards

The Story of Village Palampur

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Question

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

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Answer

The four requirements for production are:

  1. Land and other natural resources (water, forests, minerals).
  2. Labour (people who do the work).
  3. Physical Capital (inputs like tools, machines, money).
  4. Human Capital (knowledge and enterprise).

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