The Four Economic Resources June 25, 2008Posted by petrarcanomics in Basic Economic Concepts.
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.