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Resources and the economy

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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.

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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.

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Solution Summary

This solution of 188 words discusses the relationship between resource and the economy, as well as the wealth status of a country.