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  • Economic Resource

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    Varun Panicker
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    The document outlines four economic resources or factors of production - land, labor, capital, and entrepreneurship - and their associated rewards or costs. It also defines durable goods as long-lasting items that provide utility over time like cars and computers, and non-durable goods as perishable items that deteriorate quickly.

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    The document outlines four economic resources or factors of production - land, labor, capital, and entrepreneurship - and their associated rewards or costs. It also defines durable goods as long-lasting items that provide utility over time like cars and computers, and non-durable goods as perishable items that deteriorate quickly.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    15 views1 page

    Economic Resource

    Uploaded by

    Varun Panicker
    The document outlines four economic resources or factors of production - land, labor, capital, and entrepreneurship - and their associated rewards or costs. It also defines durable goods as long-lasting items that provide utility over time like cars and computers, and non-durable goods as perishable items that deteriorate quickly.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 1

    Economic Resource (input) | Reward/Income of factor/cost of factor

    Land (natural resource) | rent


    Labour (human resource) | wage or salary
    Capital (man-made resource) | interest
    Enterprise/Entrepreneur (human factor) | profit

    Durable good: a long lasting good. It provides utility for a long period of time. Has a
    long economic life e.g. a car, computer, etc.
    Non-durable good: perishable. A good that does not last for a long time. It gets
    spoiled/deteriorates quickly.

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