Chapter 2 - Economic Resources & Systems

Raw materials found in nature.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneurial Resources

The knowledge, effort and skills people bring to a job.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneurial Resources

The tools and machinery used to produce goods and services.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneurial Resources

The resource critical to dealing with the problem of scarcity.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneurial Resources

The economic resources used to produce good and services.

• Factors of Production

• Economics

• Economic Systems

• Resources

A shortage of goods or services.

• Scarcity

• Supply

• Demand

• Capitalism

The two types of natural resources are...

• Renewable

• Non-Renewable

• Useable

• Non-Useable

Examples of non-renewable resources are...

• oil

• trees

• gold

• fish

Examples of renewable resources are...

• coal

• water

• diamonds

• chickens

Which of the following is NOT one of the Basic Economic Questions?

• What to produce?

• How to produce it?

• Who is going to share in it?

• How much is it going to cost?