Economic (Productive Resources ) & Geography Basics

Productive resources are

Answer explanation

Productive resources are the resources (things/items) needed to make a good or provide a service.

What the four types of productive resources?

• natural resources

• capital goods

• human resources

• entrepreneurship

• technology

natural resource

• a resource that is found naturally in nature like a tree or water

• a machine or tool that helps produce a good or service

• a person who helps to produce a good or service

• a person or group of people who organize natural resources, capitol goods and human resources to develop and/or run a business

capital good

• a resource that is found naturally in nature like a tree or water

• a machine or tool that helps produce a good or service

• a person who helps to produce a good or service

• a person or group of people who organize natural resources, capitol goods and human resources to develop and/or run a business

human resource

• a resource that is found naturally in nature like a tree or water

• a machine or tool that helps produce a good or service

• a person who helps to produce a good or service

• a person or group of people who organize natural resources, capitol goods and human resources to develop and/or run a business

entrepreneurship

• a resource that is found naturally in nature like a tree or water

• a machine or tool that helps produce a good or service

• a person who helps to produce a good or service

• a person or group of people who organize natural resources, capitol goods and human resources to develop and/or run a business

What is scarcity?

• the idea that there are limited resources to fill unlimited wants

• people always want more than they have

• the idea that there are unlimited resources but we have limited wants

• most people can find anything they want in nature

uneven distribution of resources

• various geography (soil, climate, etc.) around the world causes for different places to have different amounts of resources.

• Because people want different things, there are uneven amounts of resources available to people

• nature and geography provide the same resources in every part of the world

• various geography (soil, climate, etc.) around the world, causes different places to have the same amounts of resources

specialization

• when a business/government/entrepreneur focuses on one particular good or service

• when a government only allows businesses to sell what the government says they can sell.

• buying and selling goods

• only selling goods and products that people want

interdependence

• when a person/group/company only relies on themselves to accomplish goals

• when a people/groups/companies depend upon each other to accomplish their goals

• the connection between supply and demand

• technology needed to produce a good or service