ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Define and give examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical 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: -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-4: -Understanding productive resources, the resources required to produce goods and services that people want, is important to understanding the economic world around us. There are three kinds of productive resources: human, natural, and capital.

Detailed explanation-5: -Productive Resources. Human Resources-people working to produce goods and services. (farmers, builders, firefighter, doctors, painters) Human Capital-the health, education, experience, training, skills and values of people. Also known as human resources.