Economic resources are natural, human, and manufactured resources that go into the production of goods and services. They are sorted into 4 categories, otherwise known as inputs or factors of production. These include land, labor, capitol, and entrepreneurial ability.
Work Step by Step
Land - All natural ability Labor - Physical actions and mental ability that people contribute Capitol - All manufactured aids including factory, storage, transportation, distribution, tools and machinery Entrepreneurial Ability - Initiative, business decisions, innovation and ability to bear risk.