scarcity & resources. a shortage of resources is called scarcity a basic economic problem for...
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Scarcity & Resources
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Scarcity & Resources
A shortage of resources is called scarcity A basic economic problem for any
society is how to manage its resources To meet the wants and needs of its
people, a society must produce goods and services
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Natural Resources The raw materials found in nature are called natural
resources Natural resources become factors of production when we
use them to produce goods The economy of many countries is based on their natural
resources Some resources, like wheat and cattle, are renewable.
They can be reproduced Other resources are limited, or nonrenewable, like coal,
iron, and oil The amount of natural resources available to a society
has a direct effect on its economy
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Human Resources
The knowledge, efforts, and skills people bring to their work are called human resources, or labor
Labor can be skilled or unskilled, physical or intellectual
One of the biggest problems facing many nations today is not a shortage of labor but a shortage of skilled labor
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Capital Resources
Capital resources are the things used to produce goods and services, like buildings, materials, and equipment
As the wants and needs of people change, so do the needs for capital resources
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Entrepreneurial Resources
Entrepreneurs improve on ways to use resources, or create and produce new ones.
A key to dealing with scarcity is to develop new resources and technologies