(Nepando (talk) 00:42, 17 October 2011 (UTC)) Economic Resources

Economic resources are the factors of production used to produce the goods and services people need and want. There are four types of economic resources


Land – Consists of all the natural resources not created by people extracted from the earth we stand on. Mining, fishing, agriculture and oil extractions are good examples of natural resources.


Labour – This is the human resources created by individuals who work which involve doing the work and thinking activities. All the productive contributions of labour by the working individuals are human resources, e.g. miners, secretaries, managers, lecturer, teachers, etc.


Capital – This should not be confused with money investments. These are the buildings, machinery and equipment used to produce goods and services faster through a process of specialization in order to mechanize mass production.


Entrepreneurship – This type of economic resource became an exception because no business organization will operate without entrepreneurship skills therefore goods and services won’t be distributed. An entrepreneur is a person who takes the responsibility of combining all the three factors of production above to produce and distributed the goods and services, makes decisions and bears the risks involved.



References

edit
  • 1. Henry George Institution. (2011). Deconstructing an Economic Text. Retrieved October 04,

2011, from http://www.henrygeorge.org/pdfs/decons.pdf