ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Productive resources are the natural resources, human resources, and capital goods available to make goods and services. Natural resources, such as land, are “gifts of nature; ” they are present without human intervention.

Detailed explanation-2: -An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. Entrepreneurs commonly face many obstacles when building their companies.

Detailed explanation-3: -Think about your existing skills as a spark for new business ideas. Keep an eye on current events and trends that are creating new market needs. Look for new markets or gaps in an existing market. Consider different pain points in your life and how a product or service might solve them.

Detailed explanation-4: -Entrepreneurship involves taking on risk and organizing production through establishing new businesses and exploring new ideas and new products. Entrepreneurship can be seen as the secret sauce that combines all the other factors of production into a product or service for the consumer market.