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Resource

By Safeopedia Staff
Last updated: January 22, 2024

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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