ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-2: -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: -Resources are also called factors of production because they are used as inputs in the production process of goods and services. Resources are called inputs because they are utilized in the initial phase of the production.

Detailed explanation-4: -Entrepreneurship as a factor of production is a combination of the other three factors. Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers.

Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 15-Feb-2021