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Resource

Definition - What does Resource mean?

A resource is something that can be used for making profits or benefits, whether that be a source, supply, or support. Resources are often natural sources of wealth or features to improve quality of life.

Resources are essential elements of a business, including land, capital, material, machines, time, energy, manpower, management, knowledge, expertise, and information.

Safeopedia explains Resource

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 well-being of the people, as well as for economic and political development. The concept of resources has been applied in various forms such as economics, commerce, environment, and human society.

Resources have three common features:

  • Utility: Resources are used to satisfy the consumer.
  • 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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