Final answer:
The economic resources of a company are the factors of production needed to create goods and services, which include natural resources, labor, capital, and entrepreneurship. These resources determine what a company can produce and must be managed carefully due to their scarcity.
Step-by-step explanation:
The economic resources of a company, also known as factors of production, are the essentials that enable the production of goods and services. These include:
- Natural Resources (land and raw materials) - Such as minerals, forests, water, and agricultural land.
- Labor - The human effort and skills provided by workers.
- Capital - The tools, machinery, and infrastructure used in production.
- Entrepreneurship - The initiative to combine the other resources to produce goods and services and take on business risks.
Each of these resources plays a vital role in the production process, and their availability often dictates what a company can produce. The scarcity of these resources means that companies and countries must make decisions on how to best use them to meet the demand for various goods and services.