GENERAL KNOWLEDGE

Detailed explanation-1: -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. Several types of natural resources are used to make a pair of jeans. It takes land to grow cotton.

Detailed explanation-2: -All goods and services are produced using productive resources (also known as factors of production). These resources are divided into four broad categories: natural (land), human (labor), capital and entrepreneurship.

Detailed explanation-3: -The factors of production in an economy are its labor, capital, and natural resources.

Detailed explanation-4: -Productive resources are the requirements for producing goods and services in an economy. Often economists call these ‘factors of production’. Usually these are represented as capital, labour and land.