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LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Productive Resources Human resources People: the mental and physical abilities that allow them to make contributions in the workforce. Examples: construction workers, factory workers, teachers, doctors, truck drivers, farmers, secretaries, actors, engineers, garbage collectors, and many other occupations
LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-2 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Productive Resources Capital resources Goods that were specifically produced in order to produce other goods. Examples: machines, equipment, tools, office and factory buildings, tractors, assembly lines, computers, grinders, trucks, and many other things that help in the production process
LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-3 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Productive Resources Natural resources An actual or potential form of wealth extracted or harvested from the natural environment. Examples: trees, fish, soil, minerals (such as copper, aluminum, iron ore, gold, and zinc), air, water, fossil fuels (such as coal, oil, and natural gas), as well as the space provided by a plot of land
LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-4 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY A Description of Production Natural resources are transformed by human and capital resources into goods and services. Thus, human and capital resources do the work of production, while natural resources provide the material that they transform. Because human and capital resources require energy to work, natural resources also provide the energy required for these resources (i.e., food for workers and fuel for machines).
LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-5 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY The Circular Flows in a Market Economy
LESSON 16 THE CIRCULAR FLOWS OF ECONOLAND 16-6 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY The Circular Flows in a Market Economy with Government
Productive Resources Human resources People: the mental and physical abilities that allow them to make contributions in the workforce. Examples: construction.
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Resources. Natural Resources Materials that come from the: ◦ Earth ◦ Water ◦ Air Examples: iron ore, gold, oil, trees, wildlife, oxygen, etc These resources.
What do you know about productive resources in the United States?
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Economic Geography Resources SOL WG.7a. Natural Resources A natural resource is anything from nature that can be of value to humans. Renewable resources.
GOODSSERVICES Physical objects produced for sale Activities done for us by others All kinds of goods and services are scarce (limited) because all of the.
The Natural World Renewable Resources Nonrenewable Resources Inexhaustible Resources.
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Natural Resources Natural resources are things found in nature that people can use. Examples: water, soil, and trees Fish, deer, and other wild animals.
Resources A lack of resources is called scarcity. The principle of scarcity states that there are limited resources for satisfying unlimited wants.
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