ECONOMICS (CBSE/UGC NET)

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: -Key Takeaways Factors of production are resources a company uses to generate a profit by producing goods and services. Land, labor, capital and entrepreneurship are the four categories of factors of production.

Detailed explanation-3: -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-4: -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-5: -Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship.