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Economic Resources:

 

Definition and Types/Classifications:

 

"Economic resources are those scarce resources which help in the production of goods and services".

 

The economic resources are classified under two main heads:

 

(1) Property Resources and (2) Human Resources.

 

(1) Property Resources: In property resources, we include land and capital. The term land is used to describe all natural resources which are used in the process of production and yield income. These resources which are free gifts of nature include agricultural land, forests, mineral deposits, fisheries, rivers, lakes, oil deposits, etc.

 

The term capital refers to all man made resources which aid to production. Thus machinery, equipment, tools, factories, storage, transportation, etc., which are used in the production of new goods and supplying them to the ultimate consumers are capital resources.

 

(2) Human Resources: Human resources include labor and entrepreneurial ability. Labor in economics refer to human effort, physical and mental which is directed to the production of goods and services. Thus factory worker, clerk, typist, teacher, doctor. Judge, physicist, etc., fall under the category of labor.

 

It may here be noted that it is the services of labor which are bought and sold for money and not the labor itself. As regards the supply of labor, it depends upon the (i) size of total population (ii) age composition of the population (iii) the availability working population (iv) the working hours devoted to production (v) the remuneration paid to the workers, etc., etc.

 

Definition of Entrepreneur or Enterprise:

 

The entrepreneur or enterprise is the person who takes initiative and combines resources for the production of goods and services (i) makes basic business policy decisions (ii) attempts: to introduce new products, new techniques, new forms of business organization, etc., and (iii) bears risk.

Relevant Articles:

Economic Resources
Land as a Factor of Production

Labor as a Factor of Production

Entrepreneur as a Factor of Production
Division of Labor
Mobility of Labor
Capital as Factor of Production
Capital Formation

Capital Market

 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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