--%>
Assignment Help - homework help

What are economic resources

What are economic resources? What are the major functions of the entrepreneur?

E

Expert

Verified

Economic resources are of four main types:  labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs.  Economic resources are also called factors of production or inputs in the productive process. Economic resources are essential to create the outputs desired by society as these names imply.  Since certain outputs are desired, they command a price and so, therefore, do economic resources. This can lead to some things being economic resources in some circumstances but not in others.  Water in the middle of a lake, for example, is not an economic resource:  Anyone can have it free.  But the same water piped to a factory site is no longer free:  Its movement must be paid for by taxes or by a specific charge.  It is now an economic resource because the factory owner would not pay for its delivery unless the water was to be used in the factory’s production.

   Related Questions in Business Economics

  • Q : How can we compute operating leverage

    How can we compute operating leverage?

    		•
  • Q : Market system automatically adjustment

    Concept of Adam Smith that the market system automatically adjusts as when guided through an “invisible hand” most intimately resembles: (1) flows of electricity across the microcircuits within computer chips. (2) homeosta

    		•
  • Q : Competition is the essential despot of

    Evaluate and explain the statements: “Competition is the essential despot of the market economy”.

    		•
  • Q : Write short note on Markets Write short

    Write short note on Markets?

    		•
  • Q : Rightward shift of PPC What was

    What was rightward shift of PPC point out? Answer: It points out growth of the resources.

    		•
  • Q : Economics as a science Economics as a

    Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo

    		•
  • Q : Market Apparent program For the

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

    		•
  • Q : Factor Price Equalization theorem

    Please answer each of the exercises below. While you may work together on the homework, you must turn in your own work (in your own words). Homework must be handed in at the beginning of class on the due date unless other arrangements have been made. No late homework will be accepted. Homework wi

    		•
  • Q : Budget line and indifference curves

    Question: Monica has been considering buying a mountain bike. Last month Monica had an income of $30,000. The bike's price was $1000, the composite good price was $1, and she decided not to buy the bike.  This month Monica was surprised t

    		•
  • Q : Illustrate major economic flows that

    Illustrate major economic flows that link U.S. with nations.  Provide an example to illustrate each flow.  Explain the relationship between the top and bottom flows.

    		•