Economic Resources
In economics a resource is defined as a commodity, service, or other asset used to produce goods and services that meets human needs and wants. Economics itself has been defined as the study of how society manages its scarce resources. Classical economics recognizes three categories of resources: land, labor, and capital. Together with entrepreneurship, land, labor, and capital. Land includes all natural resources and is viewed as both the site of production and the source of raw materials. Labor or human resources consists of human effort provided in the creation of products, paid in wage. Capital consists of human-made goods or means of production (machinery, buildings, and other infrastructure) used in the production of other goods and services, paid in interest. Entrepreneurs serve as managers, risk-takers, leaders, and visionaries.
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Famous quotes containing the words economic and/or resources:
“Politics at all times lead to bloody wars, and not only politics, but also religions as well as social and economic systems of all times are spattered with blood. Invariably the big ones devoured the little ones, and the little ones the tiny ones.”
—Friedrich Dürrenmatt (1921–1990)
“How could a man be satisfied with a decision between such alternatives and under such circumstances? No more than he can be satisfied with his hat, which he’s chosen from among such shapes as the resources of the age offer him, wearing it at best with a resignation which is chiefly supported by comparison.”
—George Eliot [Mary Ann (or Marian)