Question: What Are The 5 Types Of Resources?

Air, water, food, plants, animals, minerals, metals, and everything else that exists in nature and has utility to mankind is a ‘Resource’.

The value of each such resource depends on its utility and other factors.

What are the types of resources?

Classical economics recognizes three categories of resources, also referred to as factors of production: land, labour, and capital. Land includes all natural resources and is viewed as both the site of production and the source of raw materials.

What are the 4 types of resources?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

What are the 6 types of natural resources?

The key aspect of natural resources is that they dictate the survival of humans and other life forms on earth. These resources include land, rocks, forests (vegetation), water (ocean, lakes, streams, seas, and rivers), fossil fuel, animals (fish, wild life, and domesticated animals), minerals, sunlight and air.

What are 3 types of resources?

The three types of economic resources — also referred to as the “factors of production” — are natural, human, and capital resources. “Natural resources” refers to the “materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.”

What are the 5 most important natural resources?

Top 10 Natural Resources in the World

  • Water. While the earth may be mostly water, only about 2-1/2 percent of it is fresh water.
  • Air. Clean air is necessary for the existence of life on this planet.
  • Coal. Coal is estimated to be able to last less than 200 more years.
  • Oil.
  • Natural gas.
  • Phosphorus.
  • Other Minerals.
  • Iron.

How many types of resources are found?

Resources are usually classified into three types, viz. natural, human made and human resources. Natural Resource: Resources which are obtained from nature are called natural resources.

What are the 2 types of resources?

Name the two types, give their definition and list 2 examples of each.

  1. Renewable resources- can be replenished over a short period of time (ex. Food, plants, animals)
  2. Non-renewable resources- takes millions of years to replenish (ex. Fossil fuels- coal, oil, natural gas)

What are the 7 factors of production?

The factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply.

Four Factors of Production

  • Land/Natural Resources. Land refers to all natural resources.
  • Labor.
  • Capital.
  • Entrepreneurship.

What are examples of human resources?

An example of human resources is the department you would speak with to get more information about employee benefits. “Human resources.” YourDictionary. LoveToKnow.