CHAPTER THREE GRADE 10

What’s Economic Resources? CBC NOTES IN NAIROBI KENYA

Economic resources, also known as factors of production, are the inputs used to produce goods and services, including land, labor, capital, and entrepreneurship. These resources are essential for economic activity, are generally scarce, and are used by businesses and individuals to satisfy unlimited human wants.
Economic resources

• These are inputs needed in the production process in order to produce what is required to satisfy human
• They are the means by which production and provision of goods and services is made

Types of economic resources

Natural resources – Are gifts of nature e.g. land, natural forests, rivers, oceans and minerals

Artificial resources – Are man made resources e.g. machinery, tools, tarmac roads, dams, railways lines etc

Human resources – Refers to mental and or physical efforts rendered by people to organizations or to other human beings in producing goods and providing services e.g. nurses, teachers, painters, drivers.

Economic resources can be divided into

• Renewable resources
• Non-renewable resources