Resources Flashcards
What are free goods?
Goods so abundant that there is no scarcity they have no price.
What are economic goods?
Scarce goods that have a price.
How are economic goods allocated?
- Price system(90%)
- Rationing-vouchers
- Queuing- first in first serve.
How do we know an economic good is very scarce?
The price is very high.
What are the resources of an economy?
- Land
- Labour
- Capital
- Ontreprenurship
Define land
They are raw materials used in production also is a gift of nature.
define labour
human effort in production of goods and service.
Define Capital
man made equipment used to produce goods and services.
Define Entrepreneurship
The people who take the risk of organising the other factors of production to achieve profit.
What are other name for factors of production?
- Inputs
- Rescources
Define Final goods
Consumer goods available for consumption for needs and wants.
Define Durable consumer goods
Consumer goods that last for a long time
What are types of production
Goods And services
What are renewable resources
replaced or replenished within 100 years trees.
What are non renewable resources?
Raw materials that cannot be replaced or replenished
- oil
- gold
- silver
