ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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things or skills needed to produce goods or services
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output vs. input used at a manufacturing facility
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the resources of the government
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how society creates jobs
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Detailed explanation-1: -The 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-2: -Productive Resources-Productive resources are the natural, human, and capital re-sources used to make goods and services. Scarcity-Scarcity means that because resources are limited, you can’t have every-thing you want.
Detailed explanation-3: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital.
Detailed explanation-4: -Capital as a Factor of Production Capital, or capital goods, as a factor of production, refers to the money that is used to purchase items that are used to produce goods and services.
Detailed explanation-5: -Updated: February 20, 2023. The factors of production are required to produce goods or services. They are also known as the inputs in a production process. They primarily include forms of labor, financial capital, entrepreneurism, and any natural resource.