Productive Resources vocabulary
productive resources supplied by nature
natural resource
teachers, factory workers, and farmers are examples
human resources
fertile land, warm climate, undeveloped land, agricultural workers
farming
price incentive
the comforts, wealth, goods, and services available to people
Standard of Living
the talents and skills of people who contribute to the production of goods and services
human resources
include buildings, machinery, equipment, and tools
capital goods
boats, coastline, experienced fishermen
fishing
The cattle farmers provide beef to their communities. The grain farmer provides feed for the cows. This is an example of:
a focus on producing one product or a few products
specialization
the the human-made materials needed to produce goods and services
capital goods
Examples include ores, trees, and fertile land
natural resources
high-tech workforce, high-speed internet, undeveloped land,
technology
When both sides benefit, they trade willingly
voluntary exchange
the next-best choice in a decision; what you give up in order to get what you choose
opportunity cost
people who start businesses to provide goods and services
entrepreneurs
They take risks to bring their ideas to market, in large part to earn a profit.
entrepreneurs
undeveloped land, experienced factory workers,
manufacturing
deciding how to use productive resources, how to spend time, how to earn money, making spending and saving decisions.
economic decision-making
buying and selling goods and services
trade
materials and people used to create goods and services
productive resources
Every country or region has its own special resources that influence what goods and services it produces.
productive resources
timber, undeveloped land, experienced workers
construction
what you are not able to save, spend, time, inconvenience, or the alternative to what you picked
cost
not enough resources to produce or purchase all the goods and services that people want or need
scarcity