Four economic resources

In economics, we have a tradition of having resources in four types: land, labor, capital, and entrepreneurship. Let's define these four types of resources. Let's start out with land, so let's put it right here. So land, land includes all natural resources, including land, materials, oil, timber, water, whatever. But all your natural resources are land. Next, let's talk about capital. Let's move that over. So capital goods that are used to produce other goods is capital. Now, what would be capital? Capital would include machines, roads, factories, office buildings. All these are used by businesses to produce other things, so that's capital. Entrepreneurship would be our next one. Let me bring that over, or actually, we need labor first. Let's talk about labor. It doesn't really matter what order we put them in, but labor, workers' effort. Right now, I'm using my labor to produce this video. Capital would be the headset I'm using, the computer, I'm using software, YouTube, my land. All these things are made out of, well, most of them out of different natural resources. I'm sitting on a piece of land. Somewhere down below me, the building I'm sitting in is capital. And let's talk about entrepreneurship. Entrepreneurship, entrepreneurs organize resources to produce things that hopefully satisfy human wants, and organizing resources includes innovations, hopefully. I'm very innovative, creating a short video. Well, maybe not that innovative, but I tried. And creating new products, production techniques. So in a firm, you might have workers working on a factory line. The entrepreneur created that firm, tries to figure out what people want to buy. I'm putting this video together because I think it's a really fun video, and I put it in green because hopefully it grows. How's that for a bad pun? Well, we'll talk to you on the next video.

resources including land materials oil Timber water whatever but all your natural resources are land next let's talk about Capital let's move that over so capital goods that are used to produce other Goods is capital now what would be capital

capital would include machines roads factories Office Buildings all these are used by businesses to produce other things so that's capital entrepreneurship would be our next one let me bring that over or actually we need labor first let's talk about

Labor doesn't really matter what order we put them in but labor workers effort right now I'm using my labor to produce this video Capital would be the uh headset I'm using the computer I'm using software YouTube My L um

land all these things are made out of well most of them out of different natural resources I'm sitting on a piece of land to Le somewhere down below me the building I'm sitting in is capital and let's talk about

entrepreneurship entrepreneurship ENT entrepreneurs organize resources to produce things that hopefully satisfy human wants and organizing resources include Innovations hopefully I'm very Innovative creating a short video well maybe not that Innovative but I tried and creating new products production techniques

so in a firm you might have workers working on a factory line they R preneur created that firm tries to figure out what people want to buy I'm putting this video together because I think it's a really fun video and I put it in green

because hopefully it grows how's that for a bad pun well we'll talk to you on the next video