Resources in an Economy

1. Aquinas College Economics Department
Economic Resources
Land | Labour | Capital | Enterprise

2. Aquinas College Economics Department
Land
Means the idea of land, and all the
resources which are found on the planet.
I.e. Natural resources
Fish, Air, Rocks, Minerals are all examples
of land.
Reward: Rent

3. Aquinas College Economics Department
Labour
Means the workforce and potential
workforce.
Includes their ability to think, their skills
and traits
Reward: Wages

4. Aquinas College Economics Department
Capital
Means the stock of goods that are used to
make the goods or services demanded
Can include
machinery, infrastructure, money
required, and buildings
Reward: Interest

5. Aquinas College Economics Department
Enterprise
Means that ability of those entrepreneurs
who have the drive to combine the other
factors and take a risk to create a business
Often known as ‘catalysts for action’
Reward: Profit

6. Aquinas College Economics Department
Resources
Some resources are renewable such as the
Sun or Wind or Sea and can be replaced
over time fairly easily
However many resources are non
renewable and will run out

7. Aquinas College Economics Department
AS Level Revision Site (ECON1, ECON2)
• http://www.aquinaseconomicsas.co.uk
A2 Level Revision Site (ECON3, ECON4)
• http://www.aquinaseconomicsa2.co.uk
Aquinas Economics on Twitter
• http://www.twitter.com/aquinaseconomic
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