BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In economics, resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Also referred to as factors of production, economics classifies resources into four categories-land, labour, capital and enterprise.

Detailed explanation-2: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.

Detailed explanation-3: -Economic resources used in the production of goods and services can be categorized as. Land (all natural resources), Labor (all physical and mental talents of individuals), Capital (all manufactured aids/tools/equipment used in producing goods and services, and cash), and.

Detailed explanation-4: -An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or who develop new goods and services to bring to market.