The correct answer is c) factors of production.
Factors of production refer to the inputs used in the production of goods or services to make an economic profit. They typically encompass land (natural resources), labor (human effort), capital (machinery and tools), and entrepreneurship (the drive to develop an idea into a business). Each of these elements plays a crucial role in the production process.
This term is crucial to understand as it lays the foundation for how goods are created and economies function. In contrast, while natural resources and capital resources are important components, the comprehensive term ‘factors of production’ encompasses all necessary resources for production.