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: -There are four economic resources: land, labor, capital, and technology. Technology is sometimes referred to as entrepreneurship. Natural resources that are used in the production of goods and services. Some examples of land are lumber, raw materials, fish, soil, minerals, and energy resources.

Detailed explanation-3: -Economics is the study of using resources to produce goods and services as effectively and efficiently as possible to satisfy the needs and wants of consumers.

Detailed explanation-4: -Another name for economic resources is the factors of production.