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Sean! Four Economic Resorces

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Sean Nicholas

on 15 April 2010

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Transcript of Sean! Four Economic Resorces

Four Economic Resorces Land Labour Capital Entrepreneurship In economic terms, land means more that just property. Land depends on location. It means the resorces of the earth................................................ ...the raw materials of business and industry. In some countries, natural resorces, are abundant. In other countries, resources are limited. Some countries can overcome these challenges, but most strugle. People are a very improtant in the production of goods and services. There skills combined with other economic resources is what creates goods and sevices. Example.............................................................................................................. India has iron and coal. These are the key land resources needed to make steel, but that alone is not enough. There must be a highly skilled workers to operate the steel mills. In economic terms, Capital means investment money and all it can buy. Therefore, capital includes both money and capital goods such as transportation equipment. In Canada capital resources come from both public and private investment. When starting a buisness you either invest your own money or offer investors a share of the company. Some capital goods such as transportation and communication are already in place. These are investments made in the local economy by the government. Industrial construction can cost millions, sometimes requirering foreign investment. However, profits earned by outside investors often go back to their home contries, instead of being reinvested in their local economy. An Entrepreneur is like a captain of a sports team. He/she must unify there team to win. An entrepreneur recognizes business opportunity and is able to combine land, labour, and capital to make a profit. If this person or group can create a successful business then the whole reigion will benefit. However, if they misuse the enviroment, pay poor wages, or run short of capital, the entire area may suffer. Entrepreneurship can be found in Canada and other nations with similar economic systems. In other countries, the government or international corporation may make the business decisions. People By: Sean Nicholas Soils
Water
Forests
Animals
Minerals
Energy Sources
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