MANAGEMENT

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: -Economic resources are categorized into four parts. Resources are also called factors of production because they are used as inputs in the production process of goods and services. Resources are called inputs because they are utilized in the initial phase of the production.

Detailed explanation-3: -Economic resources are also called factors of production or inputs in the productive process. As these names imply, economic resources are required to produce the outputs desired by society.

Detailed explanation-4: -There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled “producer goods or services” to distinguish them from the goods or services purchased by consumers, which are frequently labeled “consumer goods".

Detailed explanation-5: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services.