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: -Definition. Capital Resources refer to all the man-made assets that are used to manufacture goods. These resources include tools, machines, equipment, buildings, etc. Any tool or resource employed by a business in the production process of goods or services is termed as a capital resource.

Detailed explanation-4: -Capital resources are human-made resources used by a company to create goods and services. With capital goods, companies can remain productive and keep serving their customers. A capital resource can be equipment and machinery or even infrastructure.

Detailed explanation-5: -3.1 Biotic & Abiotic. 3.2 Renewable & Non-renewable. 3.3 Potential, Developed, and Stock Resources.