Flashcards - Scarce Economic Resource Markets Basics

Flashcards - Scarce Economic Resource Markets Basics
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land
Land, sometimes referred to as dry land, is the solid surface of the Earth that is not permanently covered by water
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resources
A resource is a source or supply from which benefit is produced
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natural resources
Natural resources are resources that exist without actions of humankind
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natural resources
Natural resources are resources that exist without actions of humankind
resources
A resource is a source or supply from which benefit is produced
land
Land, sometimes referred to as dry land, is the solid surface of the Earth that is not permanently covered by water
circular flow model
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc
nonrenewable resources
A non-renewable resource is a resource that does not renew itself at a sufficient rate for sustainable economic extraction in meaningful human time-frames
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location

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