What is defined as anything that confers value or benefit to its owners in economics?

In economics, capital is defined as anything that confers value or benefit to its owners. This broad category includes not just financial assets, but also physical assets such as machinery, buildings, and tools, which are used in the production of goods and services. Capital is essential for business operations as it enables the production process and can enhance efficiency and productivity. Owners of capital derive benefits from the use of their assets to generate income or profit, making it a crucial element in the understanding of economic value.

The other terms serve distinct functions within the economic framework. Labor typically refers to the human effort, both physical and mental, used in the production of goods and services. Goods are tangible products that can be bought or sold in the marketplace. Resources encompass a broader category that includes all inputs used in the production process, such as land, labor, and capital, but does not specifically refer to the ownership and direct benefit associated with these inputs.