The document discusses the factors of production, which are the limited resources that economies use to produce goods and services. The main factors are land, labor, capital, and enterprise. Resources are also classified as either renewable or non-renewable, with renewable resources being able to replenish themselves and non-renewable resources being finite. Sustainable resources are a type of renewable resource that can be used indefinitely as long as they are properly managed to allow regeneration.

1. Economic Resources – factors of
production

2. Factors of production
The world has a limited number of resources (or factors
of production). These can be classified as:
• Land: not just physical land, includes resources
underground and in the sea/air
• Labour: is an economy’s workforce and the
skills/training they have
• Capital: is the manufactured stock of tools, machines
etc used in the production of goods and services
• Enterprise: is skill entrepreneurs have, specifically in
organising other factors of production and taking risks
by setting up business enterprises.

4. Renewable and non-renewable
resources
Resources can also be classified as renewable and
non-renewable:
• Non-Renewable Resources: are resources that
will never be replaced once they are used
• Renewable Resources: are resources which can
be used and replaced

5. However, sustainable resources are a particular type
of renewable resource. Sustainable resources are
ones which are used up at the same rate as they are
renewed i.e. if they are managed well they are
renewable but if managed badly they are non-renewable.
For example, a forest is a
renewable resource but it is
only sustainable if due to
good management it survives
over time despite commercial
logging etc. Clearly if the
forest is cleared and a factory
built on the land the forest
ceases to be a sustainable
resource at all.