Understanding Business Assets: Importance, Types, and Management Strategies

What is the name for an economic resource that is owned or controlled by the company?

Assets

The name for an economic resource that is owned or controlled by a company is called “Asset”. Assets are the resources a company has acquired or developed over time that are expected to provide future economic benefits. These can include physical assets like factory machinery, land, buildings, and equipment, as well as intangible assets like copyrights, patents, and trademarks. The size and composition of a company’s asset base can be an important determinant of its overall financial health and performance. Companies need to manage their assets effectively to ensure that they are being used efficiently to support their business operations and create value for their stakeholders.

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