What Does
Resource Mean?
A resource is something that can be used for some benefit or to make a profit. Resources can be natural materials (such as gold or water), wealth (money, property, financial assets), or support (workers, informal networks).
The resources needed to run a business can include land, capital, raw materials, machines, time, energy, manpower, management, knowledge, expertise, and information.
Safeopedia Explains Resource
Resource is a broad concept that can be applied in various forms, such as economics, commerce, the natural environment, and human society.
In business, resources are transformed into usable products or services. A country’s resources, such as mineral wealth, infrastructure, labor force, and armed forces, are used for the wellbeing of the people, as well as for economic and political development.
The Three Features of a Resource
Resources have three common features:
- Utility: Resources are used to satisfy the consumer, the user, or another beneficiary
- Limited availability: Resources are inadequately available against demand
- Potential for depletion: Resources are gradually reduced as they are used
Resources are categorized in many ways depending on origin, such as biotic or abiotic, renewable or non-renewable, and potential or actual.
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