Resource - Term Overview

HOME | BLOG | RESOURCE - TERM OVERVIEW

The resource is that means used to fulfill an end that, in the case of the economy, would be the satisfaction of a need.

That is, in general, the resource is any element used to achieve a certain objective.

We can refer to resources in different areas of study, such as economics, biology, psychology and law.

Resources in the production system

Resources, in economics, are those means available to develop a certain production process. They can be classified into two:

Human resources: They are the group of workers, as well as any natural person who is within (or directly linked) an organization, sector or economy. Also, in business administration, it refers to the management of workers within a given organization.

Material resources: These are those material goods used for the production process, such as inputs, capital goods, the physical space where a company carries out its operations, etc.

Natural resources

Natural resources are the goods or services that nature provides without human intervention. These can be classified under different criteria, for example, according to their duration in time they are divided into two main groups:

1. Renewable resources: They are all those that can recover by themselves, that is, through a biological cycle. As an example, we have sunlight and wind.

2. Non-renewable resources: These are those resources whose extraction or consumption rate is greater than that of their renewal, so they are depleted over time. So, for example, we have oil or minerals.

Read more articles in our blog.

Share on Facebook Share on Twitter Share on LinkedIn
Back to top

Home | Privacy Policy | Terms of Use

Copyright 2011 - 2020 - All Rights Reserved