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The correct answer is: "resource or factor of production"

The resources or factors of production are the inputs in the economic activity. Tradionally, three different types are considered: land, labor and capital. These resources are transformed for the obtention of goods and services, which are commercialized in the markets, and bought by individuals to satisfy their needs and desires.

A resource can be defined as whatever people use to create services and goods.

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

Further Explanation:

Factors of reproduction  

  • Factors of reproduction or resources 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 includ; Land, Labor, Capital and 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: https://brainly.com/question/9637316
  • Reward for factors of reproduction: https://brainly.com/question/9637316
  • Capital goods: brainly.com/question/11672036
  • Consumer goods: brainly.com/question/3227054

Level: High school  

Subject: Business  

Topic: Factors of reproduction

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