EOC Review

Why are natural resources limited?

• Higher wages, increase promotions, training/retraining

• Their interests and skills are not for certain job

•  Because they’re non-renewable

Why are human resources limited?

•  Because they’re non-renewable

• There aren’t enough workers, limited skills.

• They

  contribute to productivity.

Explain why people might not be interested in

filling certain jobs.

• They

  contribute to productivity.

• Their interests and skills are not for certain jobs.

• They

  are used as inputs in the production process of goods and services.

What role do capital goods play in production on?

• Allows firms to use labor and 

  capital more or less efficiently.

• They

  are used as inputs in the production process of goods and services.

• Manufacture products and services 

  that consumers will later use.

Why are capital goods limited?

• There aren’t enough workers, limited skills.

• Lack of labor, natural resources, technology

• Because they’re non-renewable

Give one example of a way that producers respond to limited “natural resources”

• FInd alternative capital goods, change inventory procedures, 

• They find another source, try to conserve the resource, alternative source, raise price.

• Higher wages, increase promotions, training/retraining.

Give one example of a way that producers respond to limited “human resources”

• They find another source, try to conserve the resource, alternative source, raise price.

• Higher wages, increase promotions, training/retraining.

• FInd alternative capital goods, change inventory procedures,

Give one example of a way that producers respond to limited “capital goods”. 

• FInd alternative capital goods, change inventory procedures.

• They find another source, try to conserve the resource, alternative source, raise price

• Higher wages, increase promotions, training/retraining

What would happen if economic resources did not exist?

• Manufacture products and services 

  that consumers will later use

• There would be no 

  production.

• They

  contribute to productivity.

Why are economic resources also known as factors of production on?

• They

  are used as inputs in the production process of goods and services.

• There would be no 

  production.

• They

  contribute to productivity.