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Economic Resources

In economics, we think of economic resources as the inputs or factors of production used to produce goods and services.

The most commonly-used framework for classifying economic resources is the four factors of production:

  • Land: Physical space, natural resources, and other gifts of nature.
  • Labour: The effort and skills of workers.
  • Capital: Physical assets used to produce goods and services, like machinery, buildings, and equipment.
  • Entrepreneurship: The efforts of individuals who coordinate the other factors of production to create goods and services.

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