What are the four major kinds of resources?
(A) farmers, merchants, sellers, and buyers
(B) land, labor, capital, and entrepreneurship
(C) supply, demand, recession, and inflation
(D) traditional, command, market, and mixed
Production factors are resources needed to produce goods.
They are divided into primary (labor, capital, land) and derivative (technologies, research and development, education, training, etc.).
Primary production factors are classified into material and subjective; labor, means of labor, and objects of labor; labor and means of production; land, manufactured means of production and human labor, etc. In economic theory, entrepreneurship is emphasized as a particular productive factor, and more recently, information and increasingly knowledge and science.
The quantitative relationship between the quantity of products and the factors of production used can be expressed by one of the functions of production. Individual relations between the quantity of a product and the quantity of a factor consumed are considered to be its productivity, so in that sense we are talking about the productivity of labor, capital, land, etc.
