Economic Terms
| A | B |
|---|---|
| Capital Resources | Goods produced and used to make other goods and services. |
| Natural Resources | “Gifts of nature” that are present without human intervention (ex. land) |
| Human Resources | The knowledge, efforts, and skills people bring to their work, also known as labor. |
What are the resources used to create goods and services quizlet?
The resources used to make all goods and services are called the factors of production. Define factors of production. To show alternative ways to use an economy’s resources.
How would you describe an economy that uses its resources to make the greatest possible number of goods and services?
The company is producing fewer caps than it could be. How would you describe an economy that uses its resources to make the greatest possible number of goods and services? production possibilities graph.
How are resources used to produce goods and services?
To produce goods or provide services, businesses need to organise resources and make decisions about how much risk they are willing to take. An entrepreneur will do this by making decisions about what to produce or provide using the resources available to them. Those resources will include land, labour and capital.
What kind of goods and services are there in economics?
Free goods and economic goods. 2. Free services and economic services. 3. Consumer goods and producer goods. 4. Consumer services and producer services. 5. Single use goods and durable use goods. 6. Private goods and public goods. ECONOMICS Goods and Services 18 Notes MODULE – 1 Understanding Economics 1. Free goods and economic goods
How are goods and services tangible in nature?
Goods are tangible in nature i.e. they can be seen and touched. 2. There is a time gap between production and consumption of goods as they are produced first and consumed later. 3. They can be stored and utilized when required. 4. They can be transferred from one place to another.
Which is an example of an intermediate goods?
Raw materials, power, fuels etc. used by the producers for further production of final goods and services are also called intermediate goods. Example : Wheat flour is an
