ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Factors of production are the building blocks for goods and services in an economy. The four factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-3: -Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.

Detailed explanation-4: -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-5: -Capital as a Factor of Production Other examples of capital goods include computers, machines, properties, equipment, and commercial buildings. They are all considered to be capital goods because they are used in a production process and contribute to the productivity of work.