Resources are things people use to make goods and provide

The resources used to create goods and services are divided into three main categories: land, labor, and

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Land - Land is the largest asset that an entrepreneur owns. The enterprise that produces goods and services stands on an independent piece of land which enables it to function without any hindrance.
Labor - The people that are responsible for the generation of goods and services are referred to as labor. The elements that go into production are controlled by labor in order to achieve the desired outcome.
Capital: To start an enterprise, the first and the foremost thing that is required is 'capital'. Capital serves as the initial investment that the entrepreneur uses to set up the enterprise.

Tundexi Tundexi · Answer 2 · 2022-01-07T12:28:52+01:00

It is true that resources (such as land, labor, and capital) are used to create goods and services.

Basically, the economic resources is classified into three and includes land, labor and capital.

Land: It is the largest asset that an entrepreneur owns. The enterprise that produces goods and services stands on an independent piece of land which enables it to function.

Labor: The people that are responsible for the generation of goods and services are referred to as labor.

Capital: Its serves as the initial investment that the entrepreneur uses to set up the enterprise.

Hence, It is true that resources (such as land, labor, and capital) are used to create goods and services.

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