ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Human resources refers to the mental and physical skills of people involved in the production process.

Detailed explanation-2: -There are three basic productive resources: natural resources, human resources, and capital resources. Natural resources are things such as minerals, water, trees, and land itself. Several types of natural resources are used to make a pair of jeans. It takes land to grow cotton.

Detailed explanation-3: -What are some examples of labor as a factor of production? Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.

Detailed explanation-4: -Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy.

Detailed explanation-5: -In economics, it is most common to divide productive resources into three simple categories–land, labor, and capital–which are sometimes called the basic factors of production.