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;
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