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Economic Resources Flashcards

Economic Resources Flashcards
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Factory workers are this type of human labor.
Production
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Two types of human labor.
Production labor and service labor.
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This is overall goal when effectively using economic resources.
Maximize output at the least possible cost.
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Economy
A system of institutions and organizations that are directly or indirectly involved in the production and distribution of goods and services.
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Land, capital goods, financial resources, and technology are these types of economic resources.
Nonhuman Resources
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Labor and Management are these types of economic resources.
Human Resources
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Economic resources can be divided into these two things.
Human Resources and Nonhuman Resources
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These are the inputs for producing items or providing services.
Economic Resources
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Economic Resources
Factors used in producing goods or providing services.
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19 cards in set

Flashcard Content Overview

When you produce goods or provide services, you need resources. Can you imagine wanting to open a doughnut shop, without having the ingredients to make the doughnuts? Or, what if you did not have employees to bake or sell the doughnuts? Most people, would not have enough money to start the business on their own. So, where would you get the financial support to launch the business? You would also need to consider where you would make the doughnuts. Would the doughnuts be produced in a factory or at your storefront building?

There are two types of economic resources used, which are human and nonhuman resources, when producing goods or providing services. You will learn about different types of human and nonhuman economic resources and why they are necessary for both sustaining a business and the economy.

Front
Back
Economic Resources
Factors used in producing goods or providing services.
These are the inputs for producing items or providing services.
Economic Resources
Economic resources can be divided into these two things.
Human Resources and Nonhuman Resources
Labor and Management are these types of economic resources.
Human Resources
Land, capital goods, financial resources, and technology are these types of economic resources.
Nonhuman Resources
Economy
A system of institutions and organizations that are directly or indirectly involved in the production and distribution of goods and services.
This is overall goal when effectively using economic resources.
Maximize output at the least possible cost.
Two types of human labor.
Production labor and service labor.
Factory workers are this type of human labor.
Production
This type of human labor includes doctors, lawyers, accountants, sales people, mechanics, and plumbers.
Service
This human resource is used to facilitate efficient and effective production or operations of businesses.
Management
This human resource coordinates, monitors, and directs employees.
Management
This nonhuman resource is all real estate and all natural resources on or in it.
Land
Trees, minerals, elements, metals, gems, natural gas, thermal heat, oil, coal, water, and crops are all part of this nonhuman resource.
Land
This is anything made by human beings that can be used in the production of goods or in providing services.
Capital
One of these is a capital good: machine or gold.
Machine
Intangible nonhuman resources, which their value comes from social convention.
Financial resources
This nonhuman resource utilizes capital goods, such as computers and software.
Technology
Stocks and bonds are an example of this type of economic resource.
Financial

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