What is the definition of economic resources?

Answer

According to the Houston Chronicle, economic resources are the goods and services available to individuals and businesses that are used to create beneficial consumer products. The four traditional economic resources are land, labor, capital and entrepreneurship.

Economic resources can be either fixed or variable. Land tends to be a fixed resource due to its limited supply, says the Chronicle. This results in a higher cost for the eventual product, such as real estate. Capital may also be a fixed resource, for example, if a business was required to pay monthly rental fees for a machine.

As for labor, it is the most variable resource because human capital can always be increased to supply more production, and labor can be allocated to the appropriate areas in the economy. The Huston Chronicle notes that another variable resource is entrepreneurship or the risk of beginning a business and utilizing the other three factors.

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