Final answer:
An economic resource owned by a company that will provide future benefits is referred to as an asset. Assets can be both tangible and intangible and are essential for generating revenue and providing future economic benefits, unlike net income, revenue, or retained earnings.
Step-by-step explanation:
An economic resource that is owned by a company and will provide future benefits is referred to as an asset. Assets are crucial for businesses as they are used to generate revenue and provide future economic benefits. They can range from tangible items like equipment and real estate to intangible items like intellectual property and trademarks. Net income, on the other hand, is the profit a company makes after all expenses and taxes have been deducted from total revenue. Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations. Lastly, retained earnings are the portion of net income that is not distributed to shareholders but instead reinvested into the business or used to pay off debt.