ECONOMIC RESOURCES

The are four economic resources:

•  Capital

This refers to all of the tools, buildings , machines et cetera used in the
production of goods and the money that firm have and use.

•  Enterprise

This is carried out by entrepreneurs who:
•  Think of ideas.
•  Organise the other three factors of production.
•  Take risks with their own money and the financial capital of others.

•  Land

Not only the land, but all of the natural resources as well, e.g., gold, oil,
fish, wheat.  There are two types of land:
•  Non-renewable resources, e.g., oil, gas and copper.
•  Renewable resources, e.g., fish, forests and corn.
•  Labour

This is the workforce of the economy.  All workers possess different
qualities.