Question

Explain various types of resources

Answer 1

Answer:

What are 5 types of resources in economics? ... Land – natural resources such as iron ore, gold, diamonds, oil, etc. Labor – human resources such as wage-earning workers

Answer 2

In terms of the source of origin, natural resources can be divided into the following types: ... Biotic natural resources also include fossil fuels such as coal and petroleum which are formed from organic matter that has decayed. Abiotic: these resources come from non-living and non-organic material.

Classical economics recognizes three categories of resources, also referred to as factors of production: land, labour, and capital. Land includes all natural resources and is viewed as both the site of production and the source of raw materials.


Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

What are Natural Resources?
Air, water and soil.
Biological resources - plants and animals.
Raw materials (like minerals)
Space and land.
Wind, geothermal, tidal and solar energy.

The definition of a resource is something that is ready to use if or when it is needed. An example of resource is extra money in a savings account. An example of resource is a friend with electrical skills who has volunteered to help install a lighting fixture. An example of resource is spring water on a piece of land.