Economic

Resources
K.P.D.T. PREMARATHNA
21MAT7457
HOSPITALITY MANAGEMENT

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 Content
1. What is economic resources?
2. Importance of Economic
Resources
3. Types of economic resources
4. Land

5. Labor

6. Capital

7. Entrepreneurship

8. Examples of economic resources

9. Conclusion
10. References

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Introduction
What is Economic
Resources?
Economic resources are the things
or services used to produce goods,
which can be used to satisfy
human wants in economics.

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 Importance of Economic Resources
Economic resources are important to us for a
variety of reasons, as they play a fundamental role
in shaping our economies, societies, and overall
well-being. Here's how economic resources are
important to us:
 Satisfying Human Needs and Wants

 Important for Job Creation and Employment

 It helps to Economic Growth and Success

 Important for trade and global connectivity

 Makes Business and Investment
Opportunities
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There are four types of Economic Resources

Entrepreneursh
Labor ip

Land Capital

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 Land
Land includes all natural resources such
as water, forests, minerals and
unimproved land.

Land is not made by human. It is a gift

from nature.

Land can be divided into two as,

· Non-renewable resources
- A non-renewable resource has a
limited supply.
Examples - Coal, Natural gas, Oil

· Renewable resources
- A renewable resources can
replenish itself at it is used
Examples - Fish, Forest

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 Labor
 Labor consists of physical and mental
talents of people that contribute to the
production process.
 There are three types of labors;
i) Skilled labor
 Skilled labor refers to workers who have
specialized skills or knowledge through
formal education or training.
i) Unskilled labor
 Unskilled labor refers to workers who
do not have any specific skills or
qualifications and perform tasks that
require little or no training.
i) Human capital
 Human capital is the collective value of
the skills, knowledge and abilities of the
workforce.

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 Capital
 Capital resources are resources
that contribute to the production
process of other goods.
 It is referred to any man-made
aids.
Examples - Machines, Building &
Vehicles

 In economy, money is not a

resource of production because it
is not directly involved in
producing a good or service.

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Entrepreneurship
•Entrepreneurship refers to
the particular talent to earn Challenges of
profit by organizing the Entrepreneurship
economic resources of land,
labor and capital to
produced goods. • Selecting a service or
product
• Developing sales
•They have to take risks
seek new business • Maintaining a budget
opportunities and develop • Hiring and managing staff
new ways of doing things.

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Examples of Economic Resources

Land Labor Capital Entrepreneurship

Oil The work of teachers Office buildings Business owners

Freshwater Doctors Delivery trucks Inventors
Wind power Software engineers Machines Startup founders

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 Conclusion
In conclusion, economic resources form the
foundation of any economic system. Economic
resources are the inputs that are used to produce
goods and services in an economy. They are also
known as factors of production and can be
classified into four categories: land, labor,
capital, and entrepreneurship. The availability
and allocation of these resources determine the
level and quality of economic activity and well-
being in a society. Therefore, economic resources
are essential for satisfying human wants and
needs in a world of scarcity.
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References

 Economic Resources: Definition, Ex

amples, Types | StudySmarter
 Economic Resources | Definition, T
ypes & Examples - Video & Lesson
Transcript | Study.com
 Definition of Economic Resources -
Economist (economicarab.com)
 Economic resources - Wikipedia

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 Any
Questions?

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THANK YOU!
“THE GREATEST GLORY IN LIVING LIES
NOT IN NEVER FALLING, BUT IN RISING
EVERY TIME WE FALL.”
- NELSON MANDELA -

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