Lesson 1 Flashcards
Natural resources
Materials that comes from the earth, water, and air.
Example: soil, lumber, oil, etc.
Most are non-renewable and limited
Some takes decades to replenish
People who work to create the goods and services
Human Resources
Labour
People who work to create the goods and services
For example: farmers, factory workers, etc.
Capital Resources
They usually last for long time and require a large investment of money
For example: building, equipments, etc.
Textiles industry
Economic System
Resources are limited, so businesses and governments have to work together so that resources can be efficiently used and access resources needed.
Economic systems are important because they determine how scarce resources, goods, and services are allocated in a society. Different economic systems have different goals, methods, and outcomes. Economic systems affect many aspects of people’s lives, such as their income, wealth, opportunities, rights, and well-being.
