Resources

Resources are assets that can be drawn on to meet needs, produce goods, or enable services. In economic and planning contexts, resources are often grouped into natural resources, human resources, and capital resources, with information and social assets also recognized as important in many theories.

Natural resources occur in the physical environment and include air, water, minerals, soil, and wildlife. They are further classified as renewable, such as sunlight, wind, and forests, or nonrenewable, such as fossil fuels and mineral deposits. Their availability varies with location and over time, influencing prices and policy.

Human resources comprise the labor force, skills, knowledge, and creativity people bring to work and society. Education, health, and culture affect the size and quality of this resource, while demographics shape future supply and demand. Investment in human capital can expand productive capacity.

Capital resources or built capital include tools, machinery, infrastructure, and financial assets used to produce goods and services. Unlike natural resources, capital is typically produced or accumulated over time and can augment future output through efficiency gains and technology.

Because resources are finite, scarcity requires allocation. Economists analyze tradeoffs and opportunity costs, guiding decisions about consumption, investment, and conservation. Prices, incentives, and institutions influence how resources are used, while sustainability emphasizes balancing present needs with the ability of future generations to meet theirs.

Governance and measurement efforts aim to manage resources effectively, using natural resource accounting, environmental impact assessments, and sustainable development frameworks to minimize harm and promote resilience.