ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -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.

Detailed explanation-3: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital. Natural resources are the resources of nature that can be used for the production of goods and services.

Detailed explanation-4: -They are commonly broken down into four elements: land, labor, capital, and entrepreneurship. However, commentators sometimes refer to labor and capital as the two primary factors of production.

Detailed explanation-5: -Land, Labour, Capital and Enterprise are the four factors of production which are required for running a firm or a company profitably.