A free resource refers to a resource that is abundantly available in nature and does not have a price attached to it. These resources are typically not manufactured or owned by anyone and can be used without any cost. Examples of free resources include air, sunlight, water in its natural state, and wildlife.
On the other hand, an economic resource is a resource that is scarce or limited in supply and has some economic value attached to it. These resources are usually used in the process of production and are owned by individuals, organizations, or the government. Economic resources can include natural resources such as minerals, oil, or timber, as well as human resources like labor, skills, and knowledge.
In summary, the main difference between free resources and economic resources lies in their availability, ownership, and economic value attached to them. Free resources are abundant, not owned, and have no monetary value, while economic resources are limited, owned, and possess economic value.
What is the difference between free resource and economic resource
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