Final answer:
Physical resources with a long life span used by an individual or company are known as fixed assets, which encompass various tangible items that can be bought and sold, including collectibles with moderate returns and low liquidity.
Step-by-step explanation:
Physical resources that are owned and used over a long life are called fixed assets. Fixed assets include items such as a house, land, art, rare coins, or stamps, which are all tangible assets that can be purchased and potentially sold later. An important category of tangible assets is collectibles like paintings, fine wine, jewelry, antiques, or baseball cards. While these types of assets can provide returns in terms of service and the potential of a higher future selling price, their rate of return is moderate, and they often have low liquidity due to the time and effort required to sell them.