--%>
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 : Determine opportunity cost of making an

    The opportunity cost of making an exact alternative is: (i) useful primarily as an indicator of relative prices. (ii) its nominal costs into terms of all other goods. (iii) the information which guides your decision. (iv) measured through the subjecti

    		•
  • Q : Comparative advantage in production I

    I have a problem in economics on Comparative advantage in production. Please help me in the following question. The oranges are grown in Florida and potatoes are grown in Maine mainly since: (i) orange-grower’s in Maine have not lobbied effectiv

    		•
  • Q : Decreases in opportunity costs of

    The opportunity costs of production and consumption for most resources and goods tend to be decreased by: (w) private monopoly power. (x) price floors. (y) intense competition. (z) price ceilings. Hey friends pleas

    		•
  • Q : Economic bailout of Spain and Greece

    Question: Conduct an analysis on the following topic and prepare an Executive Summary-style report with supporting exhibits (Insightful Graphs, tables etc. from quality expert analyst references used to write the r

    		•
  • Q : Initial systematic and popular

    The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’

    		•
  • Q : Problem on prisoners dilemma game Lets

    Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players

    		•
  • Q : Describe the Functional distribution of

    Describe the Functional distribution of income?

    		•
  • Q : Variation of wages in inverse proportion

    This wages vary within inverse proportion to the agreeableness and constancy of the employment was a perception first explicitly stated through: (i) Adam Smith. (ii) Karl Marx. (iii) Thomas Malthus. (iv) John Stuart Mill. (v) David Ricardo.

  • Q : Ambrose’s budget constraint Question:

    Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an

    		•
  • Q : Explain the term leverages Briefly

    Briefly explain the term leverages?

    		•