Types of economic resources

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

There are three main ways of classifying economic resources namely;

  1. Natural resources-They are also called the gifts of nature and are fixed in such they are held in trust the government for the citizens. They include; forest, river, mountain, minerals and lakes.
  2. Artificial resources-They are created people through various production activities e.g. machinery,tools,roads,railway,airport,dams,bridges,h.e.p,harbors,soaps,books.
  3. Human resources-They are mental/physical efforts offered people to the production society. These efforts cannot be separated from their providers e.g. teaching, health services, mechanics, carpentry, engineers etc.



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