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The Four Economic Resources June 25, 2008

Posted by petrarcanomics in Basic Economic Concepts.
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The following are the four basic types of economics resources:

  • Land – natural resources such as iron ore, gold, diamonds, oil, etc.
  • Labor – human resources such as wage-earning workers
  • Capital – plants and equipment used in the production of final goods, such as assembly lines, trucks, heavy duty machinery, factories, etc.
  • Entrepreneurship – the marshaller of resources, the person or group that marshals resources in the production of final goods (Bill Gates, Steve Jobbs, Henry Ford, etc.)

Reffonomics.com has a helpfuil slideshow which explains these concepts further. View it here: http://www.reffonomics.com/TRB/chapter1/resources.swf.

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1. LILY - February 26, 2009

SEND MORE DIFFICULTIES TO IDENTIFY THE EXACT INCOME TYPE


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