What Are Three Types of Resources in Economics?


Quick Answer

Three types of economic resources are tradition, market and command. A fourth resource answers the question of who owns the means of production, which are its factories, farms, shops, mines and machinery.

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Full Answer

Tradition is an economic resource determined by what a person's ancestors did for a living, such as farming or producing clothing or shelter. The market resource is decided by individuals, who are free to take an available job or start their own business. Prices are determined by what other competitors charge or what customers are willing to pay. Command is the third resource and it is managed by the government, who decides what they will sell and how their workforce is used.

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