Give two characteristics of economic resources.
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Economic resources are resources which create value for the society by producing goods, things, services etc. They are also termed as factors of production.
Two most vital characteristics of economic resources are as following:
i) These things are scarce in nature which means their supply is limited
ii) These resources have alternative resources available
Two most vital characteristics of economic resources are as following:
i) These things are scarce in nature which means their supply is limited
ii) These resources have alternative resources available
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Explanation:
Economic resources are resources which create value for the society by producing goods, things, services etc. They are also termed as factors of production.
Two most vital characteristics of economic resources are as following:
i) These things are scarce in nature which means their supply is limited
ii) These resources have alternative resources available
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