Land
Natural resources such as land, water, minerals, and forests are examples of land resources that are employed in the creation of goods and services. Several economic activities, such as agriculture, mining, forestry, and building, rely on land resources. These resources are finite and must be managed and conserved properly to ensure their long-term availability.
Examples
- Agricultural land is used to grow crops and raise livestock.
- Forests used for logging and animal conservation.
- Body of water utilized for fishing, transportation, and recreation.
- Gold, copper, and coal are examples of industrial minerals.
How is human resource different from other resources like land and physical capital?
In an economy, the three fundamental components of production are human resources, land, and physical capital. The availability and efficient usage of these resources play a significant role in the economic growth and development of a nation. Human resources differ from land and physical capital in that they are intangible and have the ability to grow, learn, and create.