ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Detailed Solution. The correct answer is The factor of production termed capital means the money required for production. Factors of production is an economic term that describes the inputs used in the production of goods or services. These include any resources needed for the creation of a good or service.

Detailed explanation-3: -Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship. The four factors consist of resources required to create a good or service, which is measured by a country’s gross domestic product (GDP).

Detailed explanation-4: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.

Detailed explanation-5: -Physical Capital. Land. Human Capital. Labour.