ECONOMICS
PRODUCTIVE RESOURCES
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Detailed explanation-1: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -There are three basic productive resources: natural resources, human resources, and capital resources. Natural resources are things such as minerals, water, trees, and land itself.
Detailed explanation-3: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-4: -The four factors of production are land, labor, capital, and entrepreneurship. 1 They are the inputs needed for supply. They produce all the goods and services in an economy, measured by gross domestic product.
Detailed explanation-5: -Resources like capital and land are more important than human resources. Assertion (A): Human resources occupy greater importance in production than natural resources and material resources. More items