Economic Resources

• Business
• Tertiary Education

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Objective of the lesson

1. Describe that scarcity requires individuals nations to make decisions about resources

2. Analyze the four factors of production

3. Compare the factors of productions 

Facts

The lack of resources is called scarcity. The principle of scarcity states that there are limited resources for satisfying unlimited wants and needs. Because resources are in limited supply, to have one thing may
mean giving up something else

Lack of resources is

1. Needs
2. Wants
3. Scarcity
4. Resources

What is the principle of scarcity?

Facts

Factors of production are all the economic resources necessary to produce a society’s goods and services, such as the wheat that grows in the ground, the tractor that harvests it, the labor that turns it into flour, and the distribution system that delivers it to the marketplace.

There are four factors of production:natural resources, labor resources, capital resources, and entrepreneurial resources.

Name the factors of productions.

1. Land , water air
2. Land , Labor, capital and Entrepreneurship
3. Labor, Land, Capital
4. Land labor air

What is meant by factors of production?

Facts

Natural Resources are raw materials from nature that are used

to produce goods. Trees, water, and grains are natural resources.

Natural resources can often be processed in various ways to create goods.

Labor 

Labor resources are people who make the goods and services for which they are paid. Labor can be skilled  or unskilled, physical or intellectual

Capital

Capital resources are the things used to produce goods and services, such as buildings, materials, and equipment. They are also called capital goods.

Entrepreneurial

Entrepreneurial resources are used by the people who

recognize opportunities and start businesses.

Entrepreneurship is the process of recognizing a business

opportunity, testing it in the market, and gathering the resources

necessary to start and run a business.

Example of capital resources are

1. Money, equipment, building
2. Human ,Money, Land
3. Businesswomen
4. Trees, Water, Grains

What is the difference between renewable and non renewable resources?

What are the capital goods in this picture?

Why do all nations face the problem of scarcity?

1. As nations have enough resources
2. As the people use the resources
3. there is less population
4. Because no nation has enough resources

List five different natural resources

Give the important terms of the lesson