Consumers and Resources
Consumers and Resources. Economics. Consumers. People who use goods and services to satisfy their personal needs and wants. Products. Something that is manufactured or refined for sale. Examples: apples, cars, computers, phones, stuffed animals and ziplock baggies. Production.
Consumers and Resources
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Presentation Transcript
Consumers and Resources Economics
Consumers • People who use goods and services to satisfy their personal needs and wants.
Products • Something that is manufactured or refined for sale. • Examples: apples, cars, computers, phones, stuffed animals and ziplock baggies.
Production • The act, process or result of manufacturing or refining something.
Factors of Production • The resources that are used to make goods and services. • Land • Labor • Capital • Capital Good • Human Capital
Resources Land Labor The effort people devote to tasks for which they are paid a salary. • Natural Resources – gifts of nature used to make goods and services.
Resources Physical Capital Human Capital The health, education, experience, training, skills and values of people. Also known as human resources. • Any human made resource used to produce goods and services. • Also know as capital goods.
