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Four Economic Resources

Land

Most people think that land is just something that keeps you held up from falling.

Walk on, run on, etc...

But in economical terms land includes...

Energy sources

Minerals

Forests

Water

Soil

Regions have many or different resources, depending on land factors.

Some places have to withstand thier land factors such as little crop land

Some succeed

and

Some fail

Factors like these lower incomes and living standards.

Labour

People create goods and services such as corner stores

They use economic resources and their own skills to stay in business

Places such as India have large production lines of a certain object, that is ore and coal.

This is perfect

for steel production

But given the materials they need;

machinery and skilled people....

India has developed into one of the

major steel producers

They also have industries that create...

Entrepreneurship

Entrepreneurship is when an individual has a conciderable amount of money to invest.

That person must take many risks when staking his/her money in order to become successful.

RISK

If a person wants to be a successful in his or her own buisiness they must ask themselves a hand full of questions

For whom am I doing this for? Will I make a profit? Will I lose money? Is it a good location? (If opening a store)

A successfull entrepreneur needs all three factors of Economical Resources to make the buisiness.

Combining land, Labour, and Capital in order for the buisiness to work.

AFter all that, its a little bit of luck then its success

Capital

A Capital is money invested towards something to make a profit.

A Capital is not only incountered with money

BUT

Also "Capital Goods" which is for example factories and transportation systems.

Industrial building can cost millions!

So that mean that it may need Foriegn Investment. (People or organizations investing from different countries

and shoe repairs

And Animals

bicycles

Trucks

And other steel merchandise

AT

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