About This Chapter
Scarce Economic Resource Markets - Chapter Summary and Learning Objectives
Our economic system is made up of many resources, but some of these resources are scarcer than others. Resources like land, capital, and labor are scarce, because there is a limit to these resources. If these resources are used up, or if supplies do not meet demands, it could result in an economic system crash. To avoid such a disaster, citizens and lawmakers require an advanced understanding of economic markets and scarce resources management. After reviewing the materials for this chapter, you should have a better understanding of the following concepts:
- Resource markets
- Labor markets
- Supply and demand
- How capital is used
- Natural resources
- Financial markets
|Roles of Consumers & Producers in a Resource Market||Identify the roles of producers, consumers, and households as you build a definition for the term resource market.|
|The Labor Market in Economics||Discuss how the labor market is measured in relation to the scarce resource of labor, define the concept of supply and demand, and identify how market forces influence supply and demand.|
|Using Financial Markets to Allocate Capital in Economic Systems||Explore different economic systems, determine how each system uses financial markets, examine how producers and consumers utilize capital, and explain why capital can be considered a scarce resource.|
|Land & Natural Resources: Scarcity & Allocation||Investigate what makes natural resources and land scarce resources, and then review the differences between these scarce resources with those of capital and labor.|
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 Economics 101: Principles of Microeconomics course
- Introduction to Microeconomics
- Supply and Demand in Microeconomics
- Consumer Behavior & Microeconomics
- Producers in Microeconomics
- Business Structures & Barriers to Entry
- Accounting & Economic Costs
- Market Structures in Economics
- Business Technology, Research & Development
- Government Issues in Microeconomics
- Studying for Economics 101