economic resources they are the material or immaterial means used by the population in production of goods and services to meet your needs.
The word resource comes from the Latin recursus and refers to the creation of a new path. In a figurative sense, it means the wealth or possessions of a person or country. Ex: He lived for many years in a poor country, with very few resources.
An economic resource could be a gold mine, for example. But in this case, to take advantage of this resource, an investment is needed, that is, hiring employees and buying material to explore the mine.
Economic resources are the support of an economy, being responsible for economic development or lack of it. Can be categorized into:
- Natural resources: are those that come from nature, such as soils, minerals, wind, water, sun, etc.
- Human Resources: are made up of labor, that is, the work (physical or mental) done by human beings in the production of services or goods.
- capital: consist of physical goods created by men that contribute to the production of other goods.
Some elements that are considered economic resources and play an essential role in production are the entrepreneurial ability and technological capability.
Characteristics of economic resources
The vast majority of economic resources are characterized by being limited and versatile. Timber, for example, could eventually run out if its exploitation is not controlled and the planting of trees is not encouraged. Likewise, wood is versatile, as it can be used in the production of a large number of different material goods.