ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Renewable resources are resources that can be replenished, such as water, vegetation, wind energy, and solar energy. Non-renewable resources consist of resources that can be depleted in supply, such as oil, coal, and natural gas.

Detailed explanation-2: -Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.

Detailed explanation-3: -land, In economics, the resource that encompasses the natural resources used in production. In classical economics, the three factors of production are land, labour, and capital.

Detailed explanation-4: -All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land. One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc.

Detailed explanation-5: -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.