4 Types of Resources Reference Chapter 1.4 in your text for additional information.
-
Upload
oscar-harvey -
Category
Documents
-
view
215 -
download
0
Transcript of 4 Types of Resources Reference Chapter 1.4 in your text for additional information.
![Page 1: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/1.jpg)
4 Types of Resources
Reference Chapter 1.4
in your text for additional information
![Page 2: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/2.jpg)
Resources = what is needed to produce goods and services
![Page 3: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/3.jpg)
Resources = Factors of Production
![Page 4: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/4.jpg)
Economists classify RESOURCES or factors of production in 4
categories1. Land
2. Labor
3. Capital
4. Entrepreneurship
![Page 6: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/6.jpg)
LABOR
![Page 7: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/7.jpg)
Capital= produced goods that can be used for further
production• Farm machinery, industrial tools, factories
• Also, commonly, investment money
![Page 8: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/8.jpg)
Entrepreneurship
• The special talent some people have for searching out and developing new ideas
• The special talent for developing new products and new ways of doing things.
But how is an entrepreneur different from an inventor?
![Page 9: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/9.jpg)
Which category of resources identifies these?
• Frida’s work as a secretary• Iron ore• Crop-duster airplane• Computer used to write a book• Comedian telling jokes on tv• Singer in an out-door concert• Teacher• Someone inventing and marketing a new good• Crude Oil• Deep sea oil platform
![Page 10: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/10.jpg)
People need resources so they pay for them.
We can describe that payment by using money.
Monetary payments to Resources:
![Page 11: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/11.jpg)
Monetary payments to Resources:
1. Land Rent
2. Labor Wages
3. Capital Interest
4. Entrepreneurship Profit
![Page 12: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/12.jpg)
Price = the sum of the monetary payments to resources
![Page 13: 4 Types of Resources Reference Chapter 1.4 in your text for additional information.](https://reader035.fdocuments.net/reader035/viewer/2022062511/551bd032550346b9588b5422/html5/thumbnails/13.jpg)
Let’s Play a Game !!!
• Get side-by-side with your partner so you can see the screen.
• Write both your names on the top of a piece of paper. Include the period.
• Title your paper:Economics is Everywhere