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: -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-3: -Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.

Detailed explanation-4: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.