What are examples of productive resources?

Social Studies. Define and give examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capital and entrepreneurship.

What are productive resources for kids?

Tell students that productive resources are the things used to produce a good or service. Point out that productive resources can be placed into three groups: human resources, natural resources or capital resources. Capital resources are goods produced and used to make other goods and services.

What productive resources means?

Productive Resources — Productive resources are the natural, human, and capital re- sources used to make goods and services. Scarcity — Scarcity means that because resources are limited, you can’t have every- thing you want.

What are the 3 kinds of resources?

First, students will learn about three types of resources (human, natural, and capital) that are a part of communities and cultures.

What are 4 productive resources?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

What are the four productive resources and give examples?

The Four Factors of Production

Land Labor Entrepreneurship
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase The idea and motivation for creating a valuable good or service for people to buy

What are the productive resources factors of production?

In economics, it is most common to divide productive resources into three simple categories–land, labor, and capital–which are sometimes called the basic factors of production. Human capital–that is, knowledge and skills–is an important clarification of the simply ideas of raw labor or raw capital.

What are the four productive resources define each?

The Four Factors of Production

Land Labor Capital
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company’s physical equipment and the money it uses to buy resources

What are resources example?

Resources are anything that has utility and adds value to your life. Air, water, food, plants, animals, minerals, metals, and everything else that exists in nature and has utility to mankind is a ‘Resource’. The value of each such resource depends on its utility and other factors.

Is entrepreneurship a productive resource?

The factors of production include land, labor, capital and entrepreneurship.