--%>
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 : Illustrate receipts from several

    Illustrate how receipts come from several sources in Federal Finance?

    		•
  • Q : Wealth of Nations academic

    By the perspective of nowadays academic standards, Adam Smith must have more evidently acknowledged that several the analyses and insights for that he took credit within his Wealth of Nations had really been gleaned from the writings

    		•
  • Q : Illustration of Absolute and Relative

    The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore:  (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have

    		•
  • Q : Illustrate the Comparative advantage

    Illustrate the Comparative advantage and terms of trade?

    		•
  • 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 : Explain how Entrepreneurs are

    Explain how Entrepreneurs are risk-takers?

    		•
  • 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 : Guardian implies that there really is

    Evaluate and explain the statements: “Market is its own guardian implies that there really is an invisible hand or taskmaster that watches over the decision makers in the marketplace”

    		•
  • Q : Demand forecasting consumer's interview

    consumer's interview method for demand forecasting(point to point explain)

    		•
  • Q : Illustrate Economics for citizenship

    Illustrate Economics for citizenship?

    		•