Economic Resources

wants

desire for things that we may or may not actually require (unlimited, changeable, competing)

economic resources

used by a business to produce goods and services; they enable business to produce what consumers want (natural, human, capital)

natural resources

become economic when used to produce goods and services; land, water, coal, oil, wildlife/vegetation, weather conditions (non-renewable use alternative)

capital resources

any manufactured item that is used to produce goods and services; used in production of goods and services; buildings, computers, tools (transform natural with human)

human resources

responsible for combining the other resources to produce goods and services; usually limited

shortages in certain jobs

people lack the special training or skills; people are not interested; workforce demographics change; people don't live by oppurtunities

work demographics

characteristics of people that makeup the workforce; baby boomers, generation x, millennials, generation z, etc.

opportunity costs

what you give up to gain something else; decisions made by best use of resources (trade-offs)

consumption

the process or activity of using goods and services (consumer); ultimate goal of economic activity (gov't- new roads, schools, national parks, etc.)

3 basic economic ?'s

What products will be produced?; How will products be produced?; How will products be allocated (sold) ?

production/producer

act of making goods; a business that produces goods