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What is Economic Resources definition/concept

The resources economic are those tangible or intangible means which offer the chance to meet some needs of the production process or the economic activity of a company. As a result , economic resources are essential to carry out financial, commercial or industrial operations.

In order to have access to an economic resource, it is necessary to have a determined investment in advance. For the investment of an activity to be profitable, it must be recovered through the use or exploitation of the activity itself. Let’s examine this general idea through a concrete example: the countryside is an economic resource that allows the development of agriculture, but this resource may be unfeasible from an economic point of view if the countryside is located in a geographical area that requires a large amount of money in your exploration.

Economic resources allow individuals to satisfy their material needs and face their lives naturally.

Economic resources and enterprises

Currently, the phenomenon of the enterprise is of a global character. Undertaking an activity in an area with few economic resources requires an effective strategy, which requires disclosure on social networks, offering a discount to the customer in relation to the competition and not forgetting that the most important thing is to serve and satisfy the customer in the best way possible.

Probably the entrepreneur with few economic resources requests a loan from a bank, for that he must offer a series of financial guarantees. However, there are alternatives to obtain sufficient economic resources: crowdfunding ( collective financing of a project) and business angels (an investor who provides capital for a new project, such as a start-up).

Entrepreneurs with few economic resources need to maximize their creativity, determining goals to achieve, planning their expenses properly and knowing in detail the financing mechanisms.

production factors

The term economic resource is often used as a synonym for factor of production , in this sense, we can cite three factors of production that are part of economic activity: land is rewarded through income , labor compensated by a salary and capital compensated by interest earned. The idea of ​​factor of production has evolved and today the existence of other factors of production is considered: science and technology, human or social capital.

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