The Four Types of Resources

Resources are the Land , Labor , Physical Captial , Human Capital , and Entrepreneurship .

Land -The land that we use in the production of goods and services. Everything we make ultimately comes from what we can get on earth. This is how scarcity comes into play. With a limited amount of resources and an unlimited amount of wants we have to use our resources wisely. Land resources are tangible items that we use to make the actual goods, whether living or non-living.

Labor - How do we make our unlimited wants? We work. We put the resources to good use and have machines and human bodies to put together the wants and needs that we never stop having. Labor resources are not limited to the physical production of products, however. For example: Police, Fire, Doctors, Advocates, etc. are in labor for safety and awareness not just for money.

Capital • Physical - Physical capital is again, the tangible goods that can be made. Everything for cars to your new iPad are physical but it is not the only one.
• Human - Human capital is possibly more valuable than physical capital because human capital is all about skill. Work experience, skill sets, and what a person is good at is human capital. It is all based on the uniqueness of a person and how valuable they are to world market as a person.

Entrepreneurship - Where do I ideas and businesses come from? People with wanted marketable ideas. Entrepreneurship is basically the drive to start a business and make money off your ideas. For example: Apple, Google, Disney were all just ideas but became multi-million dollar industries.