ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.

Detailed explanation-2: -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-3: -The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise).

Detailed explanation-4: -The factors of production are required to produce goods or services. They are also known as the inputs in a production process. They primarily include forms of labor, financial capital, entrepreneurism, and any natural resource.

Detailed explanation-5: -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.