Economics Review

A human resource is...

• an item made by humans

• a physical/mental service provided by humans

• a service provided by technology

A natural resource is

• an item that made up for many different natural materials

• only trees

• an item that comes from nature

A capital resource is

• a good made by people and used to produce other goods and services

• only technology

• a resource only the president can use

A farmer is considered a

• natural resource

• human resource

• capital resource

A hammer is considered a

• natural resource

• human resource

• capital resource

A cow is considered a

• natural resource

• human resource

• capital resource

An example of interdependence is

• Each person in an assembly line depends on all the other people to finish making an item

• Each person in an assembly line has ONE job that they specialize in

An example of specialization is

• Everyone in the assembly line doing all the different jobs to create a product

• Each person has one specific job they are good at and continues to only do that job during the creation of a product

Which TWO examples show scarcity?

• The forest creatures having enough food to survive.

• Darlington Elementary wanting laptops for each student but only have 40 to share among all the classes.

• A portion of a forest was cleared to build a mall. Forest animals are having trouble finding places to live and food to eat.

• Everyone who went to the store to buy the new game system was able to by a game system. Everyone got what they wanted.