economic resources are factors of production that are used to produce goods and services they can be classified into 4 types as show below 1. land includes forests seas,mineral resources and wild animals the payment for the use of land is rent 2.labour is the manpower intelligence and expertise used to produce goods and services The use of labour is wages or salary 3.Capital is man-made tools and equipment such as factories instruments,machines, etc. The use of capital is interest 4.Entrepreneur is the executive who manages land, labour and capital to manufacture goods and services to serve consumers The payment is the profit 2. Factors Affecting Demand For Goods And Services 1. Income: Income is the most important factor that determines the goods and services bought by a consumer a consumer with a higher income buys more goods and services and those of a higher quality than a consumer with a lower income 2. Price: Price affect consumers' decisions regarding wether to buy and what to buy For example , if products of the same quality but different brands are available on the market, consumers tend to buy the products offered at lower prices 3. Taste and behaviour: Some consumers may spend money to acquire expensive goods and services whereas consumers with high incomes may spend money more economically and buy only necessary goods and services 4. Credit system: The offer of credit increases consumption as it enables consumers with low income to pay for goods and services in installments 5. Advertising: Advertisements make consumers aware of the availabikity of the goods and services being offered for sale Advertisements urge consumers to buy goods and services and, thus, increase demand and con In addition, there are other factors such as goods quality , after sales service and free samples affecting consumers demand For goods and services