ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -4 Key Resources-The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship.

Detailed explanation-2: -Economic resources Things that are inputs to production of goods and services. There are four economic resources: land, labor, capital, and technology. Technology is sometimes referred to as entrepreneurship.

Detailed explanation-3: -Simply put, resources are the inputs used to produce outputs (goods and/or services). Resources are also called factors of production.

Detailed explanation-4: -There are three basic productive resources: natural resources, human resources, and capital resources. Natural resources are things such as minerals, water, trees, and land itself.