Answer:
(i) The first requirement is land and other
natural resources like water, forests, minerals, etc.
(ii)
The second requirement is labour, i.e., the people who will do the work. Some
activities require educated workers to perform the necessary task and other
activities require workers who can do manual work.
(iii)
The third requirement is physical capital, i.e., the variety of inputs required
at every stage during production. It includes fixed capital and working
capital.
(iv) Fourth requirement-knowledge
and entrepreneur.
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