Economics involves making choices since resources are limited but demands and needs are virtually limitless.
1) Resources in Physical Form
These are seen as tangible resources that the business employs to develop value-adding products and services for its clients. Among the physical resources include machinery, structures, stockpiles, etc.
2) Human resources
The most undervalued asset in every firm is its workforce. Without them, an organization's operations would halt. They are crucial for the operation of any organization.
3) Knowledge-based resources
These are nonphysical, intangible corporate resources, such as product patents, company branding, the right to reproduce key documents, and even partnerships.
4) Financial capabilities
These frequently include cash, credit, and lines of credit in addition to the option of stock plans for the organization's employees.
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