Factors of production are the resources used to produce goods and services, and are the building blocks of an economy. Economists categorize these resources into four types: The four factors of production Land By land in economics we mean all that is given to us free by nature, on or below or above the surface of the […]
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Resources or means of production remain either in private ownership with full individual freedom to use them for the profit motive or they can be in collective ownership (government control) and can be used for the collective welfare of the society as a whole. Based on the criterion of degree of individual freedom and profit
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Economics is the science of decision making, it deals with how scarce resources are efficiently utilised for production, consumption of goods and services.
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