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The general economic resources are the factors of production which are land, labor, capital and entrepreneurship. To produce goods, workers, raw materials, equipment and organizers are the required resources.

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10y ago
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15y ago

The four factors of production are: Land Labour Capital Entrepreneurship Expanding any one leads to an increase in output (assuming they are positive monotonic functions). However, as a particular factor is used in greater quantities the additional output gained from it decreases each time. Think of giving 3 students a computer to share, then giving them one more. Then another, now they have one each. If you give them one more they might use it a bit but its not going to improve their work output that much. This is known as decreasing returns.

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15y ago

Human resources, Natural resources, and Physical resources!!

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Q: What are the 3 productive resources?
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