ECONOMIC RESOURCES

An economic resource mainly refers to the services or as goods which are used by the individuals in order to produce valuable consumer goods or products. With these inputs we are able to provide certain services. For the production and distribution of goods and services the economic resources plays an important part. The economic resources play a vital role in sustaining the limits and needs of the epopee. There are different types of economic resources are available which are of human resources as well as non human resources. Economic resources are compulsory to make the work live in a good economy system with the sufficient resources. There are many be risks associated with these processes still for the enhancement business and productivity they are considered to be the vital factors. The main resources area s listed below:

Land:

Land is under the non human resource. This can be the real estate or even the natural sources like trees, timber, minerals, crops, heat, oil, water etc. The other resources in land include the metals, gold, silver and all. Land is the economic resource that mainly focuses on the natural resources found in the economy. This is limited types of resource as this type of resource is a fixed one and we cannot renew them. So the important part is that the nation should use this fixed resource in a very careful way for natural as well as industrial purposes as a mix. When the land is taken to use for the production of industrial goods, this used as to convert the natural resources into the goods to use by the consumers. Since land is a non renewable resource it is very necessary that this resource should be treated with care. This is very needful natural resource and it should be transformed to useful resources to be used a service. There requires the investments, risks and efforts which should be taken care. It is an inevitable economic resource.

Labor:

Labor comes under the human resource which focuses on the capital available from the human in order to convert the natural resources such as land into goods for the consumers. This is the business process providing services from individuals to individuals. There is no limit to this resource as this mainly deals with assigning workers to produce the goods and services. The workers from different areas can be used for this. Hence we can say that this type of resource is flexible one compared to other resources. The workers are hired and trained. This involves workers are given the education on how to work technically and also how to process and execute the business functions while working with the economic resources. Each worker would have their own capacity level in producing the work that depends on the work experience they have, the training and education they received etc. The qualities of the workers are also necessary for the better output. Based on their working capacity and ability they would be provided with the earnings, there are daily wage earning workers as well as monthly earnings workers. Labor is an important part in the economic resources. As the world has been changed to more advanced level today, still the labor support is very well needed for everything. The two main types of labor include the production labor and the service labor. To transfer the resources into production, the production labors are used which mainly represents the factory workers. To transfer the resources into services, the service labors comes into role where we have the lawyers, plumbers, mechanics, engineers and doctors.

Capital:

Capital also serves an important factor of production which deals with the things made by humans which can be used for the production or used as services. They are the physical property of an organization for the businesses. The capital can also be defined as the form of finance or money where the individuals buy and sell out the resources to other individuals. For the scenarios like the individual producing vehicle and it has been sold out for lease or rent or in sale to other individuals. This is in the form of investments made to purchase the goods and services. Capitals are of different types like fixed capital, working capital. Capital productivity and infrastructure. Fixed capital refers to the new advanced technologies, machine equipments, buildings and tools etc. Working capital are the goods which can be reused in future that are of finished goods, semi finished ones etc. Capital productivity is used to improve the productivity by adding new features of capitals like the equipments, technology and machines. This promotes the various ways of increasing the productivity or motivating people or workers for that. The new ways of improving the agricultural sectors by giving different advices and techniques to famers and workers also comes under this. This way they engage the workers in producing the best services. It is mainly the building up of a best infrastructure system at the end so as to use up by the customers. Infrastructure represents the capital system as a whole that is maintaining a complete economic system. The airport is a good example for this kind of capital.

Entrepreneurship:

This is an important human economic resource type. They are the individuals who supply the products into markets so as to receive the profit. There are the important and necessary factors of economy resources. They do the investments in the business by taking the risks associated and they get the abck the risks and effort in the form of profit. There are lots of things that they should check in order to convert the economic resources into consumer goods like they take effort and risks in collecting the resources, assigns or allocates the resources to the consumers based on the needs and limits. The individuals need the wealth or the capital for investment. They should assign the labors and give wages for them. All these are the essential roles to raise the profit.

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