1. Give two examples of resources that have economic value.2. What are

1.	1. Give two examples of resources that have economic value.2. What are the three main types of resources?
Answer» 1.Theeconomic benefitprovided by an environmental good or service is the sum of what all members of society would be willing to pay for it. Forresourcestraded in markets such as oil, land, timber, and crops, thevalueof small quantities of market goods can be measured by their observed price. 2.The three types of economic resources are also referred to as factors of production.Land(including all natural resources),Labor(including allhuman resources),Capital(including all man-made resources), and when you combine all of those you get production.

1. Give two examples of resources that have economic value.2. What are the three main types of resources?

Answer»

1.Theeconomic benefitprovided by an environmental good or service is the sum of what all members of society would be willing to pay for it. Forresourcestraded in markets such as oil, land, timber, and crops, thevalueof small quantities of market goods can be measured by their observed price.

2.The three types of economic resources are also referred to as factors of production.Land(including all natural resources),Labor(including allhuman resources),Capital(including all man-made resources), and when you combine all of those you get production.

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