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.

Describe what capital goods are and give examples of their use in production.

Explain how all three types of productive resources are necessary to produce a good, using the example of a wool sweater.