Question

describe the 4 categories of economic resourses

Answer 1

Answer:

4 types of economic resources are:-

1- Land

2- Labour

3- Capital

4- Technology

Explanation:

Land- land is necessary resource for set any business

Labour- Need labour to run machines

technology- technology need for do work faster in low prices.

Answer 2

The four categories of economic resources are capital, entrepreneur, land, and labor.

Explanation:

1. The categories of different kinds of economic resources are capital, entrepreneur, land, and labor.
2. These resources are economic in nature as without the presence of these resources no economic activity can be undertaken.
3. Capital refers to the amount of money invested in any business in the beginning.
4. An Entrepreneur is a person who undertakes the responsibility of using the money available for business purposes.
5. The Land is important for setting up the operations of any organization.
6. Labour is responsible for manufacturing the product.