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


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