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24 October, 06:04

Describe the types of economic resources

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  1. 24 October, 06:20
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    There are generally three important types of economic resources: Natural Resources, Human Resources and Capital Resources, that contribute to the economy of the nation.

    Explanation:

    Economy of any nation is dependant on the resources that the nation exhibits. There are generally three important types of economic resources namely; Natural Resources, Human Resources and Capital Resources.

    Natural Resources: These are naturally created resources that are available in any nation and also contributes to the economy of that particular nation. These resources cannot be created by man and are mostly available because of the geographic factors. Examples of these resources are Agriculture, Water resources, etc. Human Resources: These are manpower that are available to contribute in the growth and development of economy of the nation. Human resources are considered an important asset of any nation. Without the availability of sufficient human resources, the other resources are useless. Capital resources: These are the financial resources available with any nation that contributes in the development and growth of that particular economy. When wealth and money are used to create more wealth and money, these resources comes under the capital resources of the nation.
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