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 Form 1 Business Studies: Satisfaction on human wants online lessons

Meaning and examples of economic resources.

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Answer Text:
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