BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services.

Detailed explanation-3: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.

Detailed explanation-4: -These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-5: -There are four economic resources: land, labor, capital, and technology.