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: -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-3: -Resources are combined to produce goods and services. Land and natural resources provide the needed raw materials. Labor transforms raw materials into goods and services. Capital (equipment, buildings, vehicles, cash, and so forth) are needed for the production process.

Detailed explanation-4: -Land is all natural resources used to make goods and services (land, coal, water, wood, etc.)

Detailed explanation-5: -Every society is endowed with resources which are used to produce the goods and services that enable it to survive and prosper. These resources, called productive resources, can be classified into three groups: natural resources, human resources, and capital resources.