Assets in Business
Assets are economic resources owned by a business, which can be used to generate future economic benefits. These resources can be tangible or intangible and are essential for a company's operations and growth.

Types of Assets
There are two main types of assets: current assets and non-current assets. Current assets are assets that are expected to be converted into cash within one year, such as cash, accounts receivable, and inventory. Non-current assets, on the other hand, are assets that are not expected to be converted into cash within one year, such as property, plant, and equipment.

Economic Resources
When we refer to economic resources in the context of assets owned by a business, we are not only referring to current assets. Economic resources encompass all assets owned by a business, including both current and non-current assets. These assets are vital for the functioning and success of a business, as they can be used to generate revenue, reduce expenses, and increase profitability.

Significance of Economic Resources
Economic resources play a crucial role in a business's financial health and performance. They provide the necessary tools and resources for a business to operate efficiently, invest in growth opportunities, and withstand economic challenges. By effectively managing economic resources, businesses can improve their overall financial stability and competitiveness in the market.
In conclusion, economic resources owned by a business refer to all assets, both current and non-current, that are essential for its operations and success. Managing these resources effectively is key to ensuring the long-term sustainability and growth of a business.