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: -Economic resources are also called factors of production. Economic resources or factors of production are the inputs into the production process, such as land, labour, capital, and entrepreneurship.

Detailed explanation-3: -Economic resources are categorized into four parts. Resources are also called factors of production because they are used as inputs in the production process of goods and services. Resources are called inputs because they are utilized in the initial phase of the production.

Detailed explanation-4: -Simply put, resources are the inputs used to produce outputs (goods and/or services). Resources are also called factors of production. What makes something a resource? For one thing, it needs to be productive.

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.