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;

Characteristics of economic resources

(Visited 10,058 times, 2 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *