ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. 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-2: -4 Key Resources-The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship.

Detailed explanation-3: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-4: -Resources are also called factors of production because they are used as inputs in the production process of goods and services. Resources are called inputs because they are utilized in the initial phase of the production.

Detailed explanation-5: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.