Economic resource and non economic resource?

An economic resource is a resource that is used to produce goods and services that have economic value. Examples of economic resources include land, labor, capital, and entrepreneurship.

A non-economic resource, on the other hand, is a resource that does not have economic value or is not used in the production of goods and services. Examples of non-economic resources include air, water, sunlight, and natural beauty. These resources are important for human well-being and the functioning of ecosystems, but they are not typically bought and sold in markets.

Economic Resources:

- Natural resources: Resources found in nature, such as minerals, forests, water, and land.
- Capital resources: Man-made assets used in production, such as factories, machines, and tools.
- Human resources: The labor and skills of the workforce.
- Financial resources: Money and other assets used to facilitate economic activity.

Characteristics of Economic Resources:

- Scarce: Available in limited quantities.
- Rival: Their use by one person reduces their availability to others.
- Excludable: Individuals can be prevented from using them.
- Valued: They have economic value or utility.

Non-Economic Resources:

- Cultural resources: Values, beliefs, and customs that shape human behavior.
- Environmental resources: Natural systems that provide life-support functions, such as air, water, and biodiversity.
- Social resources: Networks of relationships, trust, and cooperation that facilitate social interactions.
- Political resources: Institutions and processes that govern societies, such as governments, laws, and political organizations.

Characteristics of Non-Economic Resources:

- Not scarce: Abundantly available.
- Non-rival: Their use by one person does not reduce their availability to others.
- Non-excludable: Individuals cannot be easily prevented from using them.
- Valued: They have intrinsic value or contribute to human well-being.

Differences between Economic and Non-Economic Resources:

- Economic resources are scarce and can be priced in the market, while non-economic resources are not.
- Economic resources are typically consumed in production, while non-economic resources are typically preserved or sustained.
- Economic resources are essential for economic growth, while non-economic resources contribute to social and cultural development.

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