ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Productive Resources-Productive resources are the natural, human, and capital re-sources used to make goods and services.

Detailed explanation-2: -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-3: -(used to create goods and services)-An entrepreneur is a person who combines the other factors of production – land, labor, and capital – to start and to run a business.

Detailed explanation-4: -1 Because productive resources are limited, the goods and services that can be produced from them are also limited. In contrast, the goods and services wanted by individuals and societies are virtually unlimited.