Economic resources are the things society uses to provide the products and services we consume to satisfy our wants and needs.
Types of Economic Resources:
Economic resources are the things society uses to provide the products and services we consume
to satisfy our wants and needs.
Types of Economic Resources:
1. LABOR
2. LAND
3. CAPITAL
LABOR refers to any form of human effort, both mental and physical, which is used to produce a product or service.
LAND can be thought of as any natural resource. Oil, natural gas, trees, minerals, and farmland are all examples of things nature provides which can be used to satisfy our needs and wants. Economists put all of these things into a broad category called land.
CAPITAL is anything man-made which we use to produce other goods or services. A more specific name for this is PHYSICAL CAPITAL. Examples of physical capital are robots, trucks, computers, and ball point pens.
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