Provide information regarding the resources, the environment, and consumption.
1. What is the relationship between resources and the economy.
2. If a country has resources, does that automatically mean that the country will be wealthy.
Resources in economic sense refers to factors of production. Factors of production are normally classified into: Land, labor, capital and entrepreneurship. According to this definition, natural resources are considered as part of land. Entrepreneurs are combining factors of production to maximize profit.
This solution of 188 words discusses the relationship between resource and the economy, as well as the wealth status of a country.