Definition of economic resources - What is it, Meaning and Concept

The economic resources are the material or immaterial means that allow to satisfy certain needs within the productive process or the commercial activity of a company .

These resources, therefore, are necessary for the development of economic, commercial or industrial operations.Accessing an economic resource implies a investment of money: the important thing for the company to be profitable is that said investment can be recovered with the use or exploitation of the resource.

For example: a field is an economic resource that allows the development of agriculture .This resource can become economically unfeasible if it is in the middle of the mountain or in some geographical area that requires too much money for its exploitation.

At the moment there is a lot of talk about this type of resources, specifically its scarcity.And because of the economic crisis It is common to state that many families in the world are now without financial resources to survive.

This has made many people find themselves in need of undertaking, of starting a business, with the clear objective of achieving economic stability that sustains their surroundings.An action that becomes vital that take into account the following tips when starting it with scarce economic resources: you have to promote yourself in social networks that are free, you have to offer added value to the customer, you have to provide a differentiating product regarding the competition...

The concept of economic resource is often mentioned, on many occasions, as a synonym of production factor .The productive factors are the resources that are combined in the production process to add value in the elaboration of goods or services.

In the case of Spain, for example, it is established that the economic resources that the country has are based on several pillars:

Primary sector.In this area all the resources obtained in the field of agriculture, livestock and fisheries are included.

Secondary sector.Under this name are all those economic resources that are achieved through the development of activities such as mining and industry.In the latter case, we would find several variants: agri-food, chemical, textile, metal...

Tertiary sector.As a service sector, it is also known that we can say that it is the one that has to do with the wealth that is generated in areas such as tourism, commerce or transport.

The Scottish economist Adam Smith ( 1723 - 1790 ) recognized three factors of production that participate in economic activity and are rewarded in the market : the land (rewarded through income), the work (whose consideration is the salary) and the capital (which benefits from interest).

Current economic science includes other economic resources as productive factors, considering that these are indispensable elements within the complex current activity.> technology and science often appear, then, as a new productive factor, just like human capital or social capital.