ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Producers/Production. People who use resources to make goods and services, also called workers./ The making of goods and services using resources.

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: -Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include manpower, labor, personnel, associates or simply: people.

Detailed explanation-4: -Human resources produce and reproduce the objective factors of production, playing a decisive role in the process of transformation of nature into consumer goods. Human resources decisively influence the effectiveness of using material and financial resources.