--%>
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 : Which type of maximization required in

    Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta

    		•
  • Q : Economics chapter 1 Suppose that on the

    Suppose that on the basis of a nation's production curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: "Thr

    		•
  • Q : Writ short note on the Income of

    Writ short note on the Income of personal distribution?

    		•
  • Q : Entrepreneurs and business are at the

    Explain the statements: Entrepreneurs and business are at the helm of the economy.

    		•
  • Q : Explain the term Price Earnings Ratio

    Briefly explain the term Price Earnings Ratio (or P/E Ratio)?

    		•
  • Q : Real rate of interest Question: Hubbard

    Question: Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  • Q : What do you mean by Graphs What do you

    What do you mean by Graphs?

    		•
  • Q : Define condition when one gain unless

    When no one can gain unless someone else loses, in that case current arrangements are: (w) economically efficient. (x) not optimal. (y) inequitable. (z) the best cure for scarcity. Can someone explain/help me with best solution abo

    		•
  • Q : Other things equal assumption helps

    Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?

    		•
  • Q : Market structure and pricing decision

    Just need help to see if I am in the right direction if there any think wrong need help with it.

    		•