Types of Economic Resources

There are three main ways of classifying economic resources namely;

  1. Natural resources -They are also called the gifts of nature and are fixed in such by they are held in trust by the government for the citizens. They include; forest, river, mountain, minerals and lakes.
  2. Artificial resources -They are created by people through various production activities e.g. machinery,tools,roads,railway,airport,dams,bridges,h.e.p, harbours, soaps, books.
  3. Human resources -They are mental/physical efforts offered by people to the production society. These efforts cannot be separated from their providers e.g.teaching, health services, mechanics, carpentry, engineers etc.

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