Economic resources
- Land is natural resources.
- Labor is the human resources. It is work time and work efforts that people devote for producing goods and services.
- Capital is the tools, instrument, machines, and building that are used to produce goods and services.
- Entrepreneurship is the human resources that perform the functions of organizing, managing, and assembling the other resources to produce goods and services. Is the person who responsible for the production process and bears the business risk.
The economic can be defined is several definitions:
- The social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity.
- The science which studies human behavior as a relationship between ends and scarce means that have alternative uses.
- The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps it possessors to draw correct conclusions.
- Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
- Economics is all about how people make choices. Sociology is about why there isn’t any choice to be made.