ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Natural resources, such as land, are “gifts of nature; ” they are present without human intervention. Human resources are the quantity and quality of human effort directed toward producing goods and services. Capital goods are goods produced and used to make other goods and services.

Detailed explanation-2: -All goods and services are produced using productive resources (also known as factors of production). These resources are divided into four broad categories: natural (land), human (labor), capital and entrepreneurship.

Detailed explanation-3: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

Detailed explanation-4: -Office buildings. Production processes. Tools. Vehicles. Manufacturing facilities. Heavy machinery. Proprietary software. Inventory. More items •17-Aug-2021