Productive Resources October 14, 2014 NOTEBOOK

READING GRAPHS, TABLES AND CHARTS

Tables Why was the table prepared? “This answer can be found usually in the title” What actual units do the figures represent? “Found in Titles, Column titles or in footnotes” What is the source of the data presented? “Is it reliable?”

Tables What relationships are shown by this table? “Information from past years can help with this”

Graphs Bar Graph Bar graphs or charts may be horizontal or vertical

Pictograph Kind of Bar Graph Uses small simple pictures

Other Types Of Graphs Divided Bar Graph Page: 39 3:3 Circle Graph: Page 40 3:4

Time Series Graphs Represents time on the horizontal axis Variable that we are interested in on the vertical axis

Time Series Graph High and low Levels Direction Speed Changing and when Spot Trends Compare time periods

Resources & Production Productive Resources Labour or human resources ( workers of all kinds) Natural resources or land (including forests, soil and minerals) Capital resources ( Such as tools, factories and machines) Entrepreneur (or self employed business owners)

Resources & Production The more numerous and better quality the productive resources (human, capital, natural) the more effectively a country can deal with the problem of scarcity Human, Capital, Natural Resources = Scarcity

Natural Resources Also called “land” all the resources that occur in Nature that have value and might be used in production. Minerals, forests, water and fish One of the factors of production

Natural Resources More than 33% of Canada forested  world leader in newsprint, lumber Fishing industry hard hit by depleted stocks Canadian Shield full of minerals such as nickel Huge reserves of coal, oil and natural gas Largest supply of fresh water in the world

Human Resources Also called “labour” by economists this is the most important resource in contributing to the wealth of a country because it can overcome the scarcity of the other resources most effectively Health Education Work Attitudes Population Size

Capital Resources Goods used to produce other goods (e.g. factories, machines, tools) Canada is a capital intensive economy because of the small population and high wage rates Producing capital goods requires sacrifice on the part of a society because of the opportunity cost of consumer goods

Capital Resources Producing capital goods requires skill and enough surplus resources to be able to make the sacrifice of consumer goods Short term pain leads to long term gain as capital goods increase productivity and the standard of living with more goods and services produced for all to enjoy

Production Any economic activity that satisfies human wants All productive activity divided into three categories: primary (farmers, fishermen), secondary (autoworkers) and tertiary (teacher, salesperson)

Questions?