WRITE ON ECONOMIC RESOURCES

AN ASSIGNMENT ON ENTREPRENUER (EDC2021) PRESENTED TO DR.

DEPARTMENT OF SOCIAL SCIENCES POLITICAL SCIENCE AND DIPLOMACY VERITAS UNIVERSITY ABUJA BY SHONLANKO LINDA AUGUSTINE VUG/POL/11/296. 27th NOVEMBER, 2012.

INTRODUCTION
Economic resources are the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole.) Resource economics brings together and connects different disciplines within the natural and social sciences connected to broad areas of earth science, human economics, and natural ecosystems. The number of goods and services being produced in todays world is quite large that it would be very difficult, if not impossible to produce a complete list all inputs used in their production. For the purpose of analysis, land, labour, capital and entrepreneur are the inputs for economic resources.

LAND
Land is a factor of production refers not only to agricultural land, but to all other resources provided freely by nature. It includes minerals, fishing-ground, water ways, and forests. Land is often said to have some distinct features of its own. This includes: 1. It is a provision of nature since nobody has done anything to bring it into existence. This explains why land is said to have no cost of production. 2. It is limited in supply, unlike other factors of production 3. Production activities which depend greatly on land are subject to diminishing returns to scale at a certain level of scale of production.

LABOUR
Labour is used to describe all human efforts utilized in the production process. This can be manual or mental. The manual type is classified as unskilled labour because it requires little or no education or training. This services are found among cleaners, messengers, clerks and so on. The mental type involves skilled labour because educational training is involved. It is found among medical doctors, pilots, engineers and so on. Labour can be transferred from one place to another. This is known as mobility of labour. There are two types of mobility of labour: - Occupational mobility of labour - Geographical mobility of labour Occupational mobility of labour refers to the ease of labour in which labour can change employment from one industry to another. E.g. farming to tailoring. Geographical mobility of labour refers to physical movement from one place to another. E.g. rural to urban. Factors affecting this movement could be family considerations, economic considerations,

CAPITAL
Capital can be defined as the stock of wealth created by man to be used mainly in the production of final goods and services. Capital includes plants, machines, industrial buildings and so on. The term financial or liquid capital is used specifically to refer to money. The financial capital is used to for the purpose of paying wages, and buying other inputs. Social capitals are the infrastructures like roads, hospitals, markets, schools, railways etc.

ENTREPRENEURSHIP
The entrepreneur hires and organises the other factors of production. He decides on what to produce, how to produce, and in what quantity to produce. The entrepreneur bears the risk of production. He earns profit for effective management of resources or suffers a loss for laxity and efficiency.

CONCLUSION
In 1939 Kantorovich presented a mathematical plan now known as linear programming, a theory designed to maximize the efficiency of economic variables such as productivity, raw materials, and labour. Kantorovichs theories were eventually used to develop techniques to improve Soviet economic planning and distribution of resources. Later, similar theories were developed independently outside the USSR by Koopmans and other economists. Kantorovichs publications include The Mathematical Method of Production Planning and Organization (1939), On the Translocation of Masses (1942), The Best Use of Economic Resources (1950), and Optimal Solution in Economics (1972).

REFERENCES
Leonid Kantorovich. (2009) Microsoft Encarta. Redmond, WA: Microsoft Corporation. D. Ewubare (2008), principles of economics. Pearl publishers port Harcourt.