Economic Resources

     Economic Resources

• Economic resources are the factors used to produce goods and provide services.
• Economic resources are generally divided into land, labour, capital and enterprise.

      Land 

• Land is all the economic resources available in a country for use in the production of goods and services, such as seas and forests.
• The economic return for land is rent.

      Labour

• Labour is all the workers who are available in a country to help produce goods and services, such as builders and factory workers.
• The economic return for labour is wages.

      Capital

• Capital is all the human made resources that are available in a country to help produce goods and services, such as machines and buildings.
• The economic return for capital is interest.

      Enterprise

• Enterprise is the act of the person or business that brings together the land, labour and capital to produce goods and services.
• The hoped for economic return for enterprise is profit.