Resources needed to provide goods or services are called

resources needed to provide goods or services are called
resources needed to provide goods or services are called

Resources needed to provide goods or services are called

Centerjava.com – Production is an activity to create or add value to an item to meet needs. Activities to increase the usability of an object without changing its form are called service production, then, are the resources needed to provide goods or services are called?

Resources needed to provide goods or services are called

A.Factors of production
B.Facets of production
C.Functions of production
DFacts of production

Answer:

A. Factors of production

Explanation:

All production processes require resources to be able to operate, so the resources needed are to be called Factors of production.

Factors of production

In economics, production factors are resources used in the process of producing goods and services, then, production factors are divided into four groups, namely labor, capital, natural resources, and entrepreneurship.

Then the production factors are divided into four groups, namely labor, capital, natural resources, and entrepreneurship.

1. Natural resources

So, natural resources are one of the factors of production, natural resources are all things provided by nature that can be utilized by humans in their efforts to achieve prosperity, included in natural resources are the natural environment, land, and wealth contained in the land.

2. Human Resources/ Labor

Then, the next factor of production is Human Resources, human resources are the ability (power) or human effort in the form of body and spirit that are used to increase the use of an item, according to the quality, human resources can be divided into three, namely educated labor, trained labor, and uneducated and untrained labor.

3. Capital Resources

Capital resources are tools or products produced as a means to produce goods, this capital is bought not by consumers but by producers, then, capital does not have to be money, capital can be in the form of goods produced, capital goods are also called production tools, such as buildings, machinery, and basic materials used in the production process.

4. Entrepreneurship

Entrepreneurship factor is a skill that is used by someone in coordinating product factors, this is an important factor in carrying out the production process, individual expertise is important to coordinate and manage production factors in producing goods and services.

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

So, here is the discussion for this time, thank you for reading the article about “Resources needed are to be called Factors of production, hopefully, useful.

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