ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce.

Detailed explanation-2: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -The four factors of production are land, labor, capital, and entrepreneurship. They are said to be the building blocks of the economy. Expenditure does not come under the four main factors of production.

Detailed explanation-4: -There are four economic resources: land, labor, capital, and technology. Technology is sometimes referred to as entrepreneurship. Natural resources that are used in the production of goods and services. Some examples of land are lumber, raw materials, fish, soil, minerals, and energy resources.

Detailed explanation-5: -Answer and Explanation: No, money is not an economic resource. Money cannot be used by itself to produce anything as it is a medium of exchange for economic resources.