Question

List the 3 economic resources. then, give an example of each.

Answer 1

The three economic resources are land, labor, and capital. Examples include using land to grow crops, factory workers assembling products, and companies using technology in production.

Step-by-step explanation:

In economics, there are three main economic resources: land, labor, and capital.

1. Land: refers to all the natural resources found on earth, such as forests, minerals, and water. An example would be a farmer using land to grow crops.
2. Labor: represents the human effort put into production. It includes both physical and mental work. An example would be a factory worker assembling a product.
3. Capital: refers to the tools, machinery, and equipment used in production. An example would be a company using computers and technology to automate processes.