- The four types of resources are renewable, living, non-renewable, and fossil fuels.
- Four categories of resources include land, labor, capital, and enterprise.
Natural resources are classified into different types based on their characteristics and utilization. For example, coal and petrol are currently being utilized, so their amount is known while uranium reserves are potential resources for the future.
Factors of Production:
- Factors of production are the building blocks used to produce goods and services in an economy.
- Economists separate factors of production into four categories: land, labor, capital, and entrepreneurship.
There are four main factors that make up most of the resources: land, labor, capital, and entrepreneurship. Resources are classified into natural, human-made, and human resources.
Air, water, food, plants, animals, minerals, and everything existing in nature with utility to mankind is considered a resource.