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: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.

Detailed explanation-3: -The four production factors are: Physical Capital. Land. Human Capital.

Detailed explanation-4: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.

Detailed explanation-5: -A factor of production is indispensable for production because without it no production is possible. It is customary to attribute the process of production to three factors, land, labour and capital, to which we add organisation.