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12 June, 15:11

What are the three types of economic resources? Give an example of each type of resource.

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  1. 12 June, 17:00
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    The three types of economic resources and they are land, labor, and capital. Labor is what comes when humans work and produce items for their job. They are putting in labor hours to complete a task and getting compensated for it. Land is defined as natural resources. These resources are items that are just "there" for us to use, not man-made. The final is capital, capital are all items that are man-made resources. These items are a combination of other items to make a final good.
  2. 12 June, 17:15
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    "The three types of economic resources are also referred to as factors of production. Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and when you combine all of those you get production."
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