System development/Modelling/Concepts/Resource
- Wikipedia: Resource
In economics a resource is defined as a service or other asset used to produce goods and services that meets human needs and wants (source: Wikipedia). Economics itself has been defined as the study of how society manages its scarce resources.
Categories
[edit | edit source]Classical economics recognizes three categories of resources, also referred to as factors of production:
- Land: Land includes all natural resources and is viewed as both the site of production and the source of raw materials.
- Labor: Labor or human resources consists of human effort provided in the creation of products, paid in wage.
- Capital: Capital consists of human-made goods or means of production (machinery, buildings, and other infrastructure) used in the production of other goods and services, paid in interest.