Economic resources Economic resources To produce goods and

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Economic resources

Economic resources

Economic resources To produce goods and services we need resources. Economic resources are scarce

Economic resources To produce goods and services we need resources. Economic resources are scarce relative to infinite needs and wants of people and businesses operating in the economy. It is important to use these resources efficiently in order to maximize the output that can be produced for them.

Human activity Producing Consuming Inputs are converted into an output. • Land • Labour

Human activity Producing Consuming Inputs are converted into an output. • Land • Labour factors of production • Capital • Entrepreneurship

Natural resources Consist of all gifts of nature. They include: mineral deposits, water, arable

Natural resources Consist of all gifts of nature. They include: mineral deposits, water, arable land, vegetation, natural forests, marine resources, animal life, the atmosphere and sunshine. Natural resources are fixed in supply. Once they are used, they cannot be replaced (nonrenewable or exhaustible assets).

Labour The exercise of human mental and physical effort in the production of goods

Labour The exercise of human mental and physical effort in the production of goods and services. Quantity of labour depends on: � size of the population � proportion of the population that is willing and able to work (age and gender distribution)

Labour Quality of labour is usually more important than the quantity of labour. The

Labour Quality of labour is usually more important than the quantity of labour. The quality of labour is usually described by the term human capital. Important determinants of human capital: �Skills/experience �knowledge/education �health of the workers

Capital comprises all manufactured resources which are used in the production of other goods

Capital comprises all manufactured resources which are used in the production of other goods and services: �machines �tools �Buildings Capital goods do not have an unlimited life. Capital can become outdated or obsolete because of technological progress. Provision for depreciation therefore has to be made for the replacement of existing capital goods.

Entrepreneurship Factors of production have to be combined and organised by people who see

Entrepreneurship Factors of production have to be combined and organised by people who see opportunities for making a profit and who are willing to take risks by producing goods and services in the expectation that they will be sold. The entrepreneur is the driving force behind production. Entrepreneurs are the initiators, the people who take the initiative. They are also the innovators, the people who introduce new products and new techniques on a commercial basis.

How to describe graph/pie chart/diagram �Consider what the graph/chart etc. shows and think about

How to describe graph/pie chart/diagram �Consider what the graph/chart etc. shows and think about the vocabulary and tenses you will use in describing it. �Select two significant features of the graph to write about. �Group some information if necessary. �Consider the comparisons you will make. �Think about a final point.

Writing introductory sentences The Type of chart Appropriate verb Description Illustration Graph Pie chart

Writing introductory sentences The Type of chart Appropriate verb Description Illustration Graph Pie chart Bar chart Table Shows Illustrates Presents The number of… The proportion of… Information on… Data on …

Some useful phrases

Some useful phrases

Some useful phrases

Some useful phrases

ENERGY RESOURCES ENERGY RESOURCES PRODUCE HEAT PRODUCE ELECTRICITYENERGY RESOURCES ENERGY RESOURCES PRODUCE HEAT PRODUCE ELECTRICITY
ENERGY RESOURCES ENERGY RESOURCES PRODUCE HEAT PRODUCE ELECTRICITYENERGY RESOURCES ENERGY RESOURCES PRODUCE HEAT PRODUCE ELECTRICITY
Goods Services Expense Types Goods Simple Goods ItemizedGoods Services Expense Types Goods Simple Goods Itemized
SAP Goods Receiving Goods Receiver MMREC320 SAP GoodsSAP Goods Receiving Goods Receiver MMREC320 SAP Goods
Public Goods and Common Resources Characterizations of GoodsPublic Goods and Common Resources Characterizations of Goods
Producing Goods and Services Economic output includes goodsProducing Goods and Services Economic output includes goods
Economics Unit 1 Types of goods Economic goodsEconomics Unit 1 Types of goods Economic goods
FSMA Produce Rule and the Produce Safety AllianceFSMA Produce Rule and the Produce Safety Alliance
Produce Safety Produce Quality and Condition 1 ObjectivesProduce Safety Produce Quality and Condition 1 Objectives
Reproduction Testes male gonads Produce sperm Produce sexReproduction Testes male gonads Produce sperm Produce sex
Male Produce sperm produce male sex hormones FemaleMale Produce sperm produce male sex hormones Female