Resources and Types
What type of natural resource can be replaced or renewed after it is used, such as trees?
A renewable resource.
What is a service?
Work or an action that one person does for someone else, such as a haircut or teaching.
What is manufacturing?
The business of making products or goods to sell.
What is agriculture?
The business of growing crops and raising livestock.
Why are oil and natural gas considered nonrenewable resources?
Because they take millions of years to form and cannot be easily replaced once used up
What is the difference between a private good and a public good?
Private goods are bought with your own money from a business, while public goods are paid for by government taxes for everyone to use.
How does an assembly line help workers build products like cars quickly?
The product moves along a line of workers where each person continuously adds or adjusts a specific part.
What is tourism?
The business of encouraging people to travel to different places for fun.
What are human resources?
The human workers in a labor force.
What are two examples of public goods or services mentioned in the text?
Public parks, community libraries, police protection, public schools, or fire stations.
What is an import?
A product or part brought into one country from another country to be used or sold.
What three main questions does the study of economics answer?
What gets produced? How is it produced? Who receives it?
What are capital resources?
Man-made tools, equipment, buildings, and machinery used to help make other things.
What are goods?
Items you can buy, use, or consume to meet your needs and wants.
What natural resources are often used to generate the power and electricity factories need to operate?
Water, oil, and coal
How does specialization benefit consumers?
It helps companies make more and better products
What usually happens to the price of a product if the natural resource needed to make it becomes limited?
The price goes up.
Why doesn't it cost you money directly when you check out a book from a public library?
Because libraries are a public service funded by taxpayers.
Why must factories have access to oceans, rivers, or roads?
To transport the goods they produce to other locations.
What does it mean to conserve natural resources, and why is it important?
It means using resources wisely and not wasting them so there will be enough left for the future.