--%>
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 : Freely Floating Currency Question: For

    Question: For a freely floating currency, currency i.____________________ occurs when the market value of a country's currency rises relative to the value of another country's currency, while currency ii.__________

    		•
  • Q : Government policies with respect to the

    Can you explain how different government policies with respect to the recycling of aluminum and paper might account for these different market outcomes?

    		•
  • Q : Strategic behaviour of decisionmaker If

    If one decisionmaker in interdependent circumstances calibrates its decisions to the anticipated reactions of the other party, in that case the decisionmaker is engaged within: (1) psychological forecasting. (2) profit maximization. (3) collusion. (4) strategic behavi

    		•
  • Q : Explain Self-interest of the Market

    Explain Self-interest of the Market System?

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

    What do you mean by Graphs?

    		•
  • Q : Negatively association to probability

    Adam Smith would have agreed mostly along with the concept which wages are: (i) positively associated to physical comfort when working. (ii) negatively related to the cost of learning the business. (iii) positively associated to the s

    		•
  • Q : Allocative Mechanisms-market based

    The market-based economic system: (1) Appears to be ‘natural’ as it has existed in all societies. (2) Has dominated the economic relationships in United States since from the year1492. (3) Guided resource allocation in middle ages. (4) Is

    		•
  • Q : Innate psychological attributes of

    As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested

    		•
  • Q : Resource payments correspond to

    Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?

    		•
  • Q : Higher opportunity costs of attendance

    Economics professors would attribute students’ higher rates of attendance on days while examinations are administered to the: (w) intensified needs to learn valuable material. (x) higher opportunity costs of missing set relative to other schedul

    		•