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Level 13

Resource Scarcity & the Pessimists


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Gross Domestic Product (GDP)
Is a countries total output.
Begining
the start of time
Benchmark
A surveyed location that is used to confirm elevation. Benchmarks are usually metal disks set into concrete or rock in the ground.
To Allocate means
to divide among or to distribute in shares.
Resources are
the means to accomplish something.
Types of Societal Resources
Labor, Land, Capital, Entrepreneurship
Scarcity
We can never have all we want of every goods and service.
Labor
Human resource
Land
The environmental resource
Capital
The physical improvement resource
An Entrepreneur
the person that combines that land, labor, and capital to start a new business.
Rents
Payment for land
Wages
Payment for labor
Interest
Payment for capital
Profit
Payment for entrepreneurship
capital resource
tools, equipment, and buildings that are used to produce goods and services
human resources
people who work to produce goods and service
lottery
contest or drawing where an item is given to a winner
Natural Resources
Inputs into production that are provided by nature
opportunity cost
amount of money lost when choosing to do one action instead of another
price
how much something costs
rationing
limiting the amount of an item available
supply
how much of something is available
capital resources
The tools, equipment, and buildings that are used to produce goods and services