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  such as loading & unloading workers, manual workers etc. The third requirement  is Capital :  The variety of inputs required at every  stage during production is taken as  Capital.  It can be classified into Fixed & Working capital            Fixed Ca