43) Resources used to produce goods and services are called Ofa financial resources capital Onatural resources

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Answer 1

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Factors of production, which are Land, Labor, Capital and Entrepreneurship are the resources used to produce goods and services. Knowledge is recently identified as one of the factors of production.

First factor is land which is a natural resource. Not only land but anything which comes from land is also included here. Example: Water, coal , forests etc.

Labor is human resources or man power . Ex: workers could be from daily labor to a Pilot

Capital includes machinery, tools, buildings etc.

Entrepreneurs use all the above resources to run their business.

Knowledge, fifth factor is the information technology being used by entrepreneurs to decide their business needs and help them optimize their Business processes

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43) Resources used to produce goods and services are called Ofa financial resources capital Onatural resources

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