Characteristics of economic resources

Commerce study Manual STUDY MANUAL|PDF NOTES|SYLLABUS|REVISION

These are ways or means required for satisfying our want or need. These resources can either be goods, services.

  1. They are scarce in relation to their uses
  2. They have a monetary value.
  3. They have alternative uses.
  4. They are unevenly distributed
  5. They have utility
  6. Can be combined to produce goods and services. They are transferable from one place to another.



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