Characteristics of Economic Resources

Characteristics of economic resources

• Have utility – they have ability to be used.
• Have money value – They have a value at which they can be exchanged for ownership.
• Have alternative use – They can be put into different uses.
• Scarce in supply – They are not available in sufficient quantities.
• Can be combined – They can be combined so as to produce different goods and services.
• Can change ownership from one person to another through sale.
• Can be complementary – Different resources can be used together.
• They are distributed – they are available in varying quantities at different places;