define the following
economic
resources
potential?
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Feb 1
Economic: Relating to the production, distribution, and consumption of goods and services within a society. It encompasses various activities, such as trade, investment, employment, and the overall functioning of markets.
Resources: The available means or materials that can be used to accomplish a particular purpose or achieve a desired outcome. In an economic context, resources can refer to natural resources (such as land, water, minerals), human resources (labor, skills, knowledge), and capital resources (money, machinery, infrastructure).
Potential: The inherent capacity or ability for something to develop, grow, or succeed. It refers to the possibility or likelihood of achieving a particular outcome or reaching a certain level of performance. In an economic context, potential often refers to the untapped or future possibilities for economic growth, development, or improvement.