Economics

Question 1

Human Resources

Answer 1

The abilities, skills, and health of human beings that contribute to the production of both current and future output. Investment in training and education can increase the supply of human resources.”

Question 2

Public Goods

Answer 2

Goods for which rivalry among consumers is absent and exclusion of nonpaying customers is difficult.” Public goods lack rivalry because the consumption of the good by one individual does not deplete the amount of good that is available for others. Closely tied to free rider

Question 3

Free Rider

Answer 3

A person who receives the benefit of a good without paying for it” Because of the nature of public goods being non-excludable some individuals realize that they can consume public goods without paying. This makes it difficult for markets to allocate public goods efficiently

Question 4

Microeconomics

Answer 4

The division of economics concerned with the study of individual decision-making units within an economy: a consumer, firm, or industry” This branch of economics focuses on the decision-making units on a smaller scale, which would apply to single organizations or government agencies providing public goods.

Question 5

Resources

Answer 5

an input used to produce economic goods.

Question 6

Productivity

Answer 6

An economic measure of output per unit of input.