Economics Ch. 5

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Author:
remadi
ID:
148607
Filename:
Economics Ch. 5
Updated:
2012-04-19 14:58:57
Tags:
economics
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Description:
Chapter 5: Fundamentals of Economic Analysis
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  1. What are the four groups of Resources?
    • 1. Labor
    • 2. Land/Natural Resources
    • 3. Physical Capital
    • 4. Entrepreneurial Ability
  2. Define Labor.
    Human effort and talent, physical and mental. This can be augmented by education and training (human capital.)
  3. Define Land/Natural Resources.
    Any resource created by nature. This may be arable land, mineral deposits, oil and gas reserves, or water.
  4. Define Physical Capital.
    Manmade equipment like machinery, but also buildings, roads, vehicles, and computers.
  5. Define Entrepreneurial Ability.
    The effort and know-how to put the other resources together in a productive venture.

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