It is also called Factors of Production. The physical and mental effort of human. Paid wages for their labor. They are paid profit. All plots of ground and other natural resources including rivers, trees, minerals used in the production of goods and services.
Land owners receive rent for the use of their land.
Includes all buildings, equipment etc. used to produce goods and services. Scarcity in economics sense does not refer to the quantity of resources. For example, the earth has a great deal of land, yet most of the earth s land is scarce because it has alternative uses. That is, if a piece of land is used for a college campus, that same land is not available for a shopping mall or a park. Therefore, choices must be made from among these alternatives.