Ch 15: Georgia Milestones: Scarce Economic Resource Markets

About This Chapter

Use this chapter to review scarce economic resource markets to get ready for the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam. These lessons and quizzes will help you prepare to answer questions about this economic topic.

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.

5 Lessons in Chapter 15: Georgia Milestones: Scarce Economic Resource Markets
Test your knowledge with a 30-question chapter practice test
Roles of Consumers & Producers in a Resource Market

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.

Four Factors of Production: Land, Labor, Capital & Entrepreneurship

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.

The Labor Market in Economics

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.

Using Financial Markets to Allocate Capital in Economic Systems

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.

Land & Natural Resources: Scarcity & Allocation

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course

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