About This Chapter
Scarce Economic Resource Markets Basics - Chapter Summary
This chapter shows you the fundamentals of scare economic resource markets through a simplified instructional approach. Our instructors break down terms and concepts related to economic resource types, resource markets, labor markets and more. Study at any time, and take the accompanying self-assessment quizzes to solidify your understanding of the material. If you have any questions, simply submit them to our expert economics instructors. Once you've finished the chapter, you should be able to:
- Identify different types of economic resources
- Recognize the components of a resource market
- Understand how consumers and producers play a role in a resource market
- Define the labor market in economics
- Know how financial markets allocate capital in economic systems
- Describe scarcity and allocation in terms of land and natural resources
1. What are Economic Resources? - Definition, Types & Examples
If there are no resources, an economy cannot be sustained. In this lesson, you'll learn what economic resources are, the different types of economic resources, and why they are vitally important. A short quiz follows the lesson.
2. Resource Market: Definition & Overview
Businesses cannot provide goods or services if they don't have resources. In this lesson, you'll learn about the resource market and related concepts.
3. Roles of Consumers & Producers in a Resource Market
When you go to the store, you are a consumer. However, did you know that chances are you've been a producer as well? This lesson explains how roles are reversed in resource markets.
4. The Labor Market in Economics
Every wonder why a CEO with a bachelor's degree makes more than a teacher with a master's degree? As this lesson explains, labor is just like any other good in an economic world and is subject to supply and demand.
5. Using Financial Markets to Allocate Capital in Economic Systems
Every company wants to make money, but sometimes it takes money to make even more money. Just like many students use student loans instead of saving for years to go to college, firms have a number of ways to raise capital.
6. Land & Natural Resources: Scarcity & Allocation
This lesson explores the importance of two very unique resources to economic development: land and natural resources. It explains how land can last forever, while some natural resources can run out. That said, both require expert management.
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Other chapters within the UExcel Introduction to Microeconomics: Study Guide & Test Prep course
- Microeconomics Basics
- Overview of Supply & Demand in Microeconomics
- Microeconomics & Consumer Behavior
- Producers & Production in Microeconomics
- Business Structures & the Economy
- Accounting & Economics
- Economic Market Structures
- Business Technology & Development
- Microeconomics & The Government
- Studying for UExcel Introduction to Microeconomics