Resources Flashcards
What are the types of resources? (4)
Land/ natural resources, human/ labour resources, capital resources and enterprise/ management resources
What is land/ natural resources?
Ground that can be used for farming, building, parkland, school, these are resources that occur naturally
What is human/labour resources?
People or animals who work to produce goods or services
What is capital resources?
Equipment that is used to produce goods and services
What is enterprise/management resources
The ability of some people to start business ideas
Cars or electronics?
But why can’t we produce both? The problem is scarcity.
Why are resources limited?
There aren’t enough resources in a society to produce enough to satisfy everyone’s needs and wants. Resources are limited, but needs and wants are unlimited.
What decisions do people have to think about for producing resources for people?
What to produce, how to produce, how much to produce, who to produce for
