Question

Resources needed to provide goods or services are called

Answer 1

Resources needed to provide goods or services are called factors of production  

Further Explanation:

Factors of reproduction  

• Factors of reproduction are inputs or resources that are used in the generation of goods and services with an aim of making profit.
• There are four main factors of production which include;

1. Land  
2. Labor  
3. Capital  
4. Entrepreneurship  

Land  

• This refers to all the natural resources that are available to be used in the production of goods.
• These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber.
• The income or reward earned from land as a factor of production is rent.

Labor  

• This refers to the manpower or work done by human beings.
• The value of labor depends on the skills, education and motivation of workers.  
• The reward for labor as a factor of production is wages and salaries.

Capital  

• This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
• They also include industries and commercial buildings.
• The reward or income earned from capital goods is interest  

Entrepreneurship  

• It involves coming up with an idea and developing it into profitable business.
• An entrepreneur is therefore an individual who combines the other factors of production to build a business and add the supply in the economy.
• The reward or income earned by entrepreneurs is profit.

Keywords: Factors of production, labor, land, capital  

Learn more about

• Factors of reproduction: brainly.com/question/4335697
• Reward for factors of reproduction: brainly.com/question/3884238
• Capital goods: brainly.com/question/11672036
• Consumer goods: brainly.com/question/3227054

Level: High school  

Subject: Business  

Topic: Factors of reproduction  

Answer 2

The answer is factors of Production.

Further Explanation:  

In economics, there are different factors of production that leads to producing output. The inputs, resources and factors of production are used in the production process to produce output. The output is the finished goods and services. There are four factors of production land, labour, enterprise and capital. It is further classified as primary and secondary factors. The primary factors are there labour, land, enterprise and capital. The secondary factors of energy and materials because they help in obtaining the primary factors. The role of primary factors is in facilitating the production but it does not take part of the production. Land is the natural resource used in the production process. The labour force is often called human capital. Technology and innovation also contribute to the production process. The natural resource for the land includes water, soil, air. The payment to the landowners is either rent or loyalties. Labour includes marketing and technical expertise. The payment is done through wages. Labour contributes in physical as well as mental way. Capital stock includes machinery and tools. There are other factors also like human capital that include skills and education. Intellectual capital and social capital contributes towards service to the society while producing goods and services. Some companies also do Social Services.

 

Learn more:

1. During his trip to the United States, Alexis de Tocqueville observed that Americans

brainly.com/question/4089896

2. What was the impact of President Roosevelt’s approval of executive order 9066?

brainly.com/question/1109115

Answer Details:

Grade: High School

Subject: Social Science

Chapter: Factors of Production

Keywords: Land, labour, enterprise, capital, human capital, technology, innovation, marketing, technical expertise, intellectual capital, social capital.