Productive Resources

The video tutorial explains the concept of productive resources, which are essential for producing goods and services. These resources are categorized into human resources, natural resources, and capital goods. Human resources refer to the people involved in production, such as doctors and farmers. Natural resources are materials that occur naturally, like trees and water, used in production. Capital goods are tools and machinery used to create other goods. The video illustrates how all three types of resources are necessary for production, using the example of making a wool sweater.

What are the three categories of productive resources?

• Human resources, natural resources, and capital goods

• Human resources, financial resources, and capital goods

• Natural resources, financial resources, and human resources

• Financial resources, natural resources, and capital goods

Which of the following is an example of a human resource?

• A sewing machine

• A doctor

• Water

• A tree

Which natural resource is used to produce paper and lumber?

• Trees

• Water

• Animals

• Wool

What is a capital good?

• A tool or machine used to produce other goods

• A natural resource used in production

• A financial asset

• A person who provides services

In the production of a wool sweater, which resource is NOT needed?

• A financial advisor

• A computer

• A farmer

• Wool