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:
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