Question

Explain any five types of resources

Answer 1

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.)