Economic Resources:
Economic
resources are those scarce resources which help in the production of
goods and services. The economic resources are classified under
two main heads:
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The term land in
economics is used in a special sense. It
does not
mean soil or earth surface alone. Land in economics means
natural
resources.
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"Labor is an important factor of
production. It is described as any human work which is performed
with the help of mind or physique with a view to earn income".
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The
entrepreneur
is an organizer. He is the person who organizes production by
bringing together the other three factor of production land,
labor and capital.
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"By division of labor is meant the
specialization, of work. It refers to splitting up of a task
into a number of processes and sub-processes and carrying it out
by a person or a group of persons who are best fitted for it".
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"Mobility of labor refers to
movement of labor from one place to another or changing of
profession or status or grade".
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Capital
is an important factor of production. It consists of those goods
which are produced by the economic system and are used as inputs
in the production
of further goods and services.
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Capital is one of the important
factors which governs the quantity and the composition of output
in a country.
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There are two types of financing
markets: (1) Money Market and (2) Capital Market.
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