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Describe five features of economic resources

Describe five features of economic resources

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Davis
i)Scarcity/limited in supply, they are found in small quantities compared to the many uses into which they
have to be put /hence not sufficient to satisfy all human wants
ii) monetary value. They have a price /reward attached to them / which have to be paid for their use
/transfer / for recording
iii) Uneven /unequal distribution. they are not distributed uniformly in the society /hence some people
/regions /countries have more other resources than others
iv)combinability /complimentality .they ca be used in different proportions to produce goods /services /they
can be used jointly
v) usefulness /have utility . They are used to satisfy human wants /to produce goods /services
vi) Transferability / they may be transferred / from one person to another in terms of ownership /possession
vii) multipurpose . have alternative uses
viii) mobility /some can be moved from one region /place to another geographically
ix) Exhaustibility /Renewability some resources get depleted/ finished /restored /recycled /regenerated
Githiari answered the question on September 23, 2017 at 10:12

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