17.1 Flashcards
Introduction to Economics (5 cards)
1
Q
What are Natural Resources?
A
Resources that come from nature. For example, coal, fish, wood etc
2
Q
What are Labour Resources?
A
Intellectual or physical skills of a worker that provides a service or make a good
3
Q
What are Capital Resources?
A
Manufactured goods such as machinery, buildings, roads, bridges, to produce and transport the purchased goods and services.
4
Q
What are the three resources in the economy?
A
Labour, Capital, and Natural resources
5
Q
What is an opportunity cost?
A
The value of the next best use of their resources. For example, if u bought a $20,000 car, you would have to give up on the overseas holiday.
