Which term refers to resources like land, labor, and capital?

The term that refers to resources such as land, labor, and capital is known as factors of production. This concept is fundamental in economics, as it encompasses the essential resources used in the creation of goods and services.

Land refers to all natural resources available, including soil, water, and minerals. Labor signifies the human effort that contributes to the production process, highlighting the importance of workforce skills and capabilities. Capital includes the tools, machinery, and buildings that are utilized to produce goods, encompassing both financial capital and physical assets.

Understanding these factors is crucial as they are the building blocks of economic activity, allowing businesses to produce and offer goods and services. By recognizing how these resources interact, students can gain insights into production efficiency, supply chain management, and overall business strategy.

Other terms like economic outputs refer to the outcomes of production processes, market variables involve the conditions that can affect supply and demand, and resource allocation deals with the distribution of resources among competing uses, rather than identifying the basic resources themselves.