Question

Which factors make a thing a resource? Explain?​

Answer 1

Answer:

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital, and entrepreneurship

Explanation:

Types of resources:

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.

Answer 2

Time and technology, and utility are the factors that make a thing a resource.

Explanation:

• Anything that can be used to satisfy the needs of an individual and has value is known as resource.
• People are the most important resource as they can use their knowledge to make inventions and discoveries.
• Each discovery leads to many others.
• For example, the discovery of fire led to the food cooking process.
• Some resources become valuable with time. For example, if you have a secret remedy, you can get it patented.

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