Meaning and examples of economic resources.
Meaning and examples of economic resources.-Are factors used in producing goods or providing services. They can be divided into human resources such as labour and management and non-human resources such as land, capital goods, financial resources and technology.Examples of economic resources:-Natural resources: also known as gifts of nature. Include land,oceans,forests-Man made,artificial or human made resources:are resources created by people through production activities. E.g tools, machines,roads etc.-Human resources:refers to mental or physical human effort that is applied in production process. Also known as labour services.-Renewable resources:renewable resources are those resources which do not get exhausted with usage. i.e are available continuously.E.g wind, rain, soda ash,hydro-electric power.-Non-renewable resources: are resources that get exhausted or depleted with use. E.g oil, copper, gold deposits