Factors of production.

There are 4 main factors of production,where the resources are available in economy:
Factors of production: the resources inputs that are available in an economy for the production of goods and services.

-Land: any natural resources
-Labour: people who are available to work
-Capital: something made in order to make something else
-Enterprise: the skill of combining the other factors of production

Production: the output of goods and services.

All resources are explained by the factors of production, which are invariably scarce. For example you want something, but you can't afford it because of your low income.This situation involves 3 economic concepts: scarse, choice and apportunity cost.

Want: anything you would like, irrespective of whether you have the resources to purchase it.
Scarcity: a situation where there are insufficient resources to meet all wants.
Choise: the selection of appropriate alternatives.
Opportunity Cost: the cost of the next best alternative foregone.