About This Chapter
Georgia Milestones: Scarce Economic Resource Markets - Chapter Summary
The Georgia Milestones Economics/ Business/ Free Enterprise EOC exam will assess what you know about scarce economic resource markets. Make sure you're ready for these questions by using this chapter to go over:
- Roles of consumers and producers
- Factors of production
- Labor and financial markets
- Types of resources
Economic experts designed the lessons in this chapter to prepare you for the exam. You can track your understanding with our interactive quizzes, and contact our instructors with any questions that you have.
1. 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.
2. Four Factors of Production: Land, Labor, Capital & Entrepreneurship
In this lesson, you'll learn about the four main economic inputs, known as factors of production, needed to produce all goods and services in an economy: land, labor, capital, and entrepreneurship.
3. 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.
4. 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.
5. 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 Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course
- Georgia Milestones: Introduction to Economics
- Georgia Milestones: Scarcity, Choice & the Production Possibilities Curve
- Georgia Milestones: Consumer Behavior & Microeconomics
- Georgia Milestones: Supply & Demand
- Georgia Milestones: Economic Interdependency
- Georgia Milestones: Economic Price & Income Elasticity
- Georgia Milestones: Types of Economic Systems
- Georgia Milestones: Government's Role in Economic Systems
- Georgia Milestones: Market Structures in the US Economy
- Georgia Milestones: Business Organizations
- Georgia Milestones: Making Business Decisions
- Georgia Milestones: Understanding Production in Microeconomics
- Georgia Milestones: Comparative vs. Absolute Advantage
- Georgia Milestones: Macroeconomic Equilibrium
- Georgia Milestones: Measuring Economic Activity
- Georgia Milestones: Economic Growth & Productivity
- Georgia Milestones: Inflation Measurement & Adjustment
- Georgia Milestones: Understanding Unemployment
- Georgia Milestones: Aggregate Supply & Demand
- Georgia Milestones: Fiscal & Monetary Policies
- Georgia Milestones: Expansionary & Contractionary Policies
- Georgia Milestones: Money, Banking & Financial Markets
- Georgia Milestones: Central Bank & the Money Supply
- Georgia Milestones: Foreign Exchange & the Balance of Payments
- Georgia Milestones: Trade Barriers & Regulations
- Georgia Milestones: Consumer Decision Making
- Georgia Milestones: Savings & Investments
- Georgia Milestones: Credit & Interest Rates
- Georgia Milestones: Insurance
- Georgia Milestones: Taxation
- Georgia Milestones - Economics/Business/Free Enterprise EOC Flashcards