Distinguish between economic and non economic resources?

Answer 1

Economic resources are resources that can be exchanged for and valued using monetary means. For example real estate, services, and Natural Resources like oil, gold and diamonds are economic resources. Non economic resources are items that cannot be measured monetarily. Some examples include the great view of a mountain range from a cabin, fresh air, rain, and sunshine.

Answer 2

Factors like land, labor, capital, management, technology are considered as economic resources. Factors like culture, tradition, culture, etc., are considered as non economic factors whelp in economic development.

Answer 3

• Loss of earnings to the unemployed.
• Lost output to the economy. Unemployment represents an inefficient use of resources and social inefficiency.

• Those who are unemployed will find it more difficult to get work in the future (this is known as the hysteresis effect) The long-term unemployed may become demotivated and leave the labour market altogether.

• Stress and Health problems of being unemployed. Unemployment is often the most stressful experience.
• Increased drug use. The Prince's Trust's 2010 Youth Index found that 11% of

  unemployed young people responding to their online survey said that they had

  "turned to drugs/alcohol." (TUC report)

• Increased government borrowing. Tax revenues will fall because there is less people paying income tax and VAT. Also the governmentt will have to spend more on unemployment benefits.

• Lower GDP for the economy, the economy will be below full capacity this is inefficient and will lead to lower output and incomes.
• Increase in social problems. Areas of high unemployment (especially youth unemployment) tend to have more crime and vandalism.
• The unemployed, especially the young unemployed, may be more likely to resort to crime due to low income and feelings of social depravation. The unemployed are also more likely to be victims of crime and burglary.
• Growth in inequality and relative poverty within society. According to TUC, 64% of the working age adults in families where one or more of the adults are

  unemployed are poor. (costs of unemployment)

Answer 4

Material wealth is anything which is a status symbol - a large house, expensive cars, yachts, expensive holidays and so on.

Non-material wealth is something highly coveted by a lot of people but which cannot be purchased - a close knit family, a job you enjoy, good friends, and so on.

Answer 5

Non-economic resources are things that cannot be measured in terms of money. Examples are the reliability of the weather, a great view from a window, or even just fresh air.

Answer 6

free resources are gods gift and economic resources are man made(artificial)