Answer to Question #71242 in Accounting for clement

Question

does economics resources always have a zero price

Answer 1

Usually, economic resources do have a price. Economic resources, so called as “factors of production” are limited. There are the following types of economic resources:
1. Human resources – labor force, and its price is salary that every individual requires for his efforts, knowledge and skills.

2. Natural resources – land, water, air etc. And they also have a price, for example, land can be sold at the open market with a distinct price, there are fees for water usage and taxes for air pollution. Thus, there are price for keeping natural resources ecologically safe, available for usage and, in general, natural resources are limited.

3. Capital resources – tools, equipment and technology, which always have a price and can be sold at the open capital resources market.

4. Entrepreneurship – ability to take a risk of starting a new business. And this skills requires a profit as a reward for the risk, and basically, profit is the price of entrepreneurship.

Sources:
1. https://www.youtube.com/watch?v=V_InI4S3fZ4
2. https://www.youtube.com/watch?v=pPCglI_8QN0
3. https://www.investopedia.com/terms/f/factors-production.asp