Chapter 3 - The Philippine Economic Resources Flashcards
(17 cards)
Products that people consume to satisfy their economic wants
Goods and services
The process of turning out goods and services
Production
Living and nonliving things that satisfy human wants
Resources
Three types of resources
Natural Human Man-made
God-given things found in the physical environment
Natural resources
Things that people invented for productive purposes
Man-made resources
It is the main source of raw materials
Land
It refers to all man-made resources
Capital
Two types of capital
Physical Financial
2 types of Physical capital
Fixed capital Consumer durable goods
A capital which can be used for a long time
Fixed capital
A capital which the length of service is short
Consumer durable goods
It is a fund used in investment
Financial capital
People who conceptualize new products
Entrepreneurs
They are called innovators
Entrepreneurs
Ingredients used to produce finished products
Factors of production
It is made up of all-bodied men and women who contribute in the production of goods and services in the economy
Labor
