|
- Introduction
o Were always facing decisions about what we need, what we want, and what we can afford
Local, provincial, federal governments face same problem
o While our needs and wants are unlimited, our means to satisfy them (our resources incomes and savings) are limited
Use resources in the best way possible economically
- Needs and Wants
o Needs => basic human physical requirements necessary to sustain life
Food, clothing, shelter
o Wants
Desire for goods or services not essential to sustain human life
Designer clothing, exotic foods, jewelry, vacations
Innovations make us want things people in the past never dreamed of
Race between wants and income in unending
o Our wants for good and services grows with income
Goods
Concrete, physical products we manufacture
o Furniture, automobiles
Services
Activities we engage in and sell to others
o Medical/Retail Services
- Resources
o All those elements used in the production of goods and services designed to meet our needs and wants
o Can be divided into three broad categories:
Natural (Land)
All the resources in nature that have value
Land, minerals, fresh water, forests
Human (Labour)
Human efforts, both manual and non-manual, used in the production of goods and services
Factory workers, farmers, scientists, secretaries
Human Resources: size, health, education, skills, willingness to work of a country
Capital
Goods used in production of other goods or services
o Factories, machines, tools
Different from natural resources because theyre made by people
o Scarcity
Concept of economics which states that a limited amount of resources is available to produce a limited number of goods and services to meet relatively unlimited human wants
I.
Approximate Word count = 381
Approximate Pages = 1.5
(250 words per page double spaced)
|
|
