ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -land, In economics, the resource that encompasses the natural resources used in production. In classical economics, the three factors of production are land, labour, and capital.

Detailed explanation-2: -Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.

Detailed explanation-3: -Capital Resources (capital goods) Goods made by people and used to produce other goods and services (machines and factories).

Detailed explanation-4: -First, students will learn about three types of resources (human, natural, and capital) that are a part of communities and cultures.

Detailed explanation-5: -Capital resources are the man-made physical resources (such as buildings, tools, machines, and equipment) used in production. The study of economics explains how productive resources are used to provide the goods and services that satisfy human wants.