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 Form 1 Business Studies: Satisfaction on human wants online lessons

Characteristics of economic resources.

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Answer Text:
Characteristics of economic resources.
-They are scarce:they are found in small quantities compared to many uses they can be put to.
-They have monetary value:their value can be expressed in terms of price at which they can be exchanged for they require
human effort to obtain them.
-They are unevenly distributed: They are found in different quantities in different places and among different people.
-They have alternative uses: economic resources can be put into different uses.
-They can be combined in order to produce other products.
-They have utility:They can be used to produce different types of goods and services to satisfy human wants.
-Are transferable from one party to another. Are moved from one person to another or change location