Resources:

These are things which are combined in numerous ways to produce goods and services required for the satisfaction of human wants. Such things are alternatively referred to as factors of production, and can be classified as:

(i) Natural resources: all free gifts of nature such as arable land, water, minerals (such as limestone, good etc), fishing ground, forests, hydroelectricity adn solar energy potentials etc. Natural resources are collectively rerred to as land in economics.

(ii) Human resources: human efforts in the production process which consist of various mental and physical ability and skills. The term labour is used for human resources.

(iii) Capital: man-made resources such as roads, dams, buildings, equipments and machines which help in the production of other goods that satisfy human wants directly or indirectly.

(iv) Enterpreneurship: the person (in case of one-man business) or the business owners/managers who co-ordinate the other factors of production to produce and market goods and services and possibly invent and innovate.