Economic resources (1.3) (The environment as a scarce resource (The two…
Economic resources (1.3)
The environment as a scarce resource
The two types of resource
Timber, with careful management can be renewed as it is used.
Oil, something that runs out as it is used.
What are environmental reasources in economics?
What are the types of resource?
Soil,water,forests,fisheries and minterals
Solar and wind power, clean air and water the beauty of the landscape.
Hydrogen and oxygen
Natural resources that can be used in the economic cycle.
The factors of production
What are factors of production?
Inputs into the production process.
What are the factors of production?
The four factors of production are land, labour, capital and enterprise.