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Additional Thoughts about Economic Resources
Brief review of modified list of economic resources and their respective return.
Economics texts often list economic resources as land, labor, capital and entrepreneurial ability. With the increased emphasis on information, especially information that is acquired from others, it may be helpful to consider a revised version for this list of resources and their respective return.
- Land -- rent
- Labor (including management) -- wages
- Capital -- interest
- Information-- royalty
- Risk of net operating loss -- profit
Will not discuss each of these in details; instead, will identify several keys topics within each category and focus on those. The other topics are addressed in other courses and therefore do not need to be discussed as fully in this course.
Begin with land.
Last Updated August 17, 2010
Email: David.Saxowsky@ndsu.edu
This material is intended for educational purposes only. It is not a substitute for competent professional advice. Seek appropriate advice for answers to your specific questions.
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