This essay focuses on three categories of resources.Land includes all natural resources and is view as both the site of production and the source of raw materials.

three categories of resources

This is an assignment at masters degree level. Use credible & reliable resources from academic articles(HBR,Mckinsey), books,real-life experience in writing assignment. Write it in a structured way by strictly following instructions & meeting  marking criterias criterias of assignment

Use all attache materials, illustrations & tables where relevant.

In economics a resource is define as a service or other asset use to produce goods and services that meet human needs and wants. Economics itself has been define as the study of how society manages and allocates its scarce resources. Classical economics recognizes three categories of resources. Also referred to as factors of production: land, labor, and capital.  Land includes all natural resources and is view as both the site of production and the source of raw materials.

Labour or human resources consists of human effort provided in the creation of products, paid in wage.

Capital consists of human-made goods or means of production (machinery, buildings, and other infrastructure). Use in the categories of resources production of other goods and services, paid in interest.

In biology and ecology a resource is defined as a substance that is require a living organism. For normal growth, maintenance, and reproduction (see biological resource). The main essential resources for animals are food, water, and territory. For plants, key resources include sunlight, nutrients, water, and a place to grow.

Resources can be consume by an organism and, as a result, become unavailable to other organisms.

Competition for resource varies from complete symmetric (all individuals receive the categories of resources same amount of resources, irrespective of their size) to perfectly size symmetric (all individuals exploit the same amount of resource per unit biomass) to absolutely size-asymmetric (the largest individuals exploit all the available resource).

The degree of size asymmetry has major effects on the structure and diversity of ecological communities, e.g.. In plant communities size-asymmetric competition for light has stronger effects on diversity compare with competition for soil resources. The degree of size asymmetry has major effects on the structure and diversity of ecological communities.