ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the study of using resources to produce goods and services as effectively and efficiently as possible to satisfy the needs and wants of consumers.

Detailed explanation-2: -Economic resources can be divided into human resources, such as labor and management, and nonhuman resources, such as land, capital goods, financial resources, and technology.

Detailed explanation-3: -Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.

Detailed explanation-4: -Economic resources are also called factors of production Thus, in other words, the factors of production are the inputs that are utilized during the production process. As economic resources are used as inputs in the production of goods and services, they are also called factors of production.