Resources: 

Resources can be defined as inputs used in the production goods and services. When resources are productive they are typically called factors of production. In economics, resources are generally classified into four categories namely, land, Labourcapital and entrepreneurship. These resources are also known as factors of production because they enable the production of goods and services. The scarcity concept arises from the existence of scare resources. The total quantity or stock of resources that an economy has determines what the economy can produce. Every economy has, in varying degrees, vast amounts of different resources, or factors of production.

Land:

Basically, land with its inherent mineral deposits is a natural resource. Land as a resource also includes the original fertility of land, topography, vegetation, climate and water. Economists feel that natural resources are the least important factors of production in an economy. They believe that what is more important is the transformation of existing natural resources into what is usable by humans.

Labour:

In order to produce things, human resources must be used. That human resources consist of the productive contributions of Labour are made by individuals who work. The contribution of Labourto the production process can be increase. When potential workers obtain schooling and training and when actual works obtain new skills, labor's contribution to productive output will increase. Capital: When Labouris applied to land to grow, land and Labourare combined with manufactured resources in order to produce the things that we desire. These manufactured resources are called capital, which consists of machines, buildings, and tools. Additionally, capital consists of improvements to natural resources.

Entrepreneurship:

Entrepreneurship is the fourth factor of production, involving human resources that perform functions of raising capital, organizing, managing and assembling other factors of production, and making basic business policy decisions. The entrepreneur is a risk taker.