CMB

  9th Class Notes On Palampur  Chinmay M Bajjer   27-August-2021   Notes Explain the requirements to produce goods and service in the production process. Or Explain the Factors of Production.                                            Answer : Every production is organised by combining the factors of land, labour, physical capital and human capital, are known as  Factors of production . The first requirement   is Land  and other natural resources such as water, forests,  minerals. The second requirement  is Labour :  The people who engage physically and mentally in the productive process is called  Labour.  It can be classified into           Trained Labour  such as Engineer, Supervisor, accountant etc.           Untrained Labour  ...