What are resources ??
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- A resource is a main source or supply from which a benefit is produced and it has some utility.
- 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.
- Some non-renewable resources come from living things — such as fossil fuels.
They can be called organic non-renewable resources.
- An item becomes a resource with time and developing technology. Typically, resources are materials, energy, services, staff, knowledge, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable.
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a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
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