Chapter 1: Using Resources Flashcards
Understand the basics
1
Q
Define Resource
A
Any material or product that people find useful: any supply that will meet a need.
2
Q
Define Infrastructure
A
The services and amenities needed for productive activity.
3
Q
In what various forms do resources that people use come in?(5)
A
- Materials.
- Tools.
- Skilled people.
- Infrastructure to transport
materials, tools and goods and
services to the buyer. - Money to pay for all of the
above.
4
Q
What are the types of Resources?
A
- Natural Resources
- Human Resources
- Manufactured Resources
- Financial Resources
5
Q
What are Natural Resources?
A
This is soil, water, air, etc.
6
Q
What are Human Resources?
A
People’s labor to operate mines, factories and farms. The more skilled people are the more economically valuable they are.
7
Q
What are Manufactured Resources?
A
Things that people have made, and which help to produce goods and services.
8
Q
What are Financial Resources?
A
Capital needed to open and run mines and factories.
