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Jennifer Four Economic Resources

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jennifer miles

on 16 April 2010

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Transcript of Jennifer Four Economic Resources

Four Economic Resources These 4 economic resources are needed for the economic success of a region. Land Resources Land resources are the resources of the land, the raw materials that industry and businesses use. Some examples of these natural resources include soils, water, forests, animals and energy resources. Canada has a great amount of various resources, while other countries are very limited. Labour Resources Labour resources are people. People are needed to produce goods and services. People need to be skilled in order to be able to use the natural resources and be successful. For example, India has plenty of iron and coal, which is used to produce steel. In order to produce this steel, skilled people are required to run the factories. India has been able to train their people and has now become one of Asia's major steel producers. This steel is used to make trucks, bicycles and other items. Capital Resources
Capital resources are money that is available to be invested to increase production or wealth. The investments can be private or public. When you start your own business, you can either invest your own money or use other peoples. Foreign investment is money that is invested from people from another country. The profit from these investors goes to their country so it's not being invested in the local community. It's better to use money from your own country. Capital goods are factories and transportation and communication systems that are used in production of goods. Some of these goods are already in place that has been put here by local government. Entrepreneurship An entrepreneur is a person that sees a business opportunity and is able to combine land, labour, and capital to make a profit. If this person can create a successful business, then the whole region benefits. However, if it's not managed right , the entire area suffers. In Canada, entrepreneurship exists and is also present in countries with a similar economic system. By : Jennifer Miles .
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