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: -In economics, resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Also referred to as factors of production, economics classifies resources into four categories-land, labour, capital and enterprise.

Detailed explanation-3: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.

Detailed explanation-4: -Economic resources are the inputs we use to produce goods and services. Economic resources can be divided into four categories: labour, land or natural resources, capital, and entrepreneurship (entrepreneurial ability).

Detailed explanation-5: -Every society is endowed with resources which are used to produce the goods and services that enable it to survive and prosper. These resources, called productive resources, can be classified into three groups: natural resources, human resources, and capital resources.