I have to describe 4 economic resources!?

Describe 4 economic resources and how each of them are paid?

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  • 1 decade ago
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    It's been several years since I studied this, I found 4 resources listed in an economics textbook that I have lying around; it doesn't say how they are paid but I'll do my best to answer based on what I remember:

    Land: This includes all natural resources; payment I believe is called rent

    Capital: Goods that are produced that are in turn used to produce other goods. I'm not sure what payment is called, I can't find it listed anywhere. I know that for many kinds of capital, depreciation may be considered a payment.

    Labor: Payment is called wages.

    Entrepreneurship: A specialized type of labor involving innovation and risk taking. I believe the payment is called profit, I'm not sure.

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