Introduction to Economics

What is Economics? The study of how society chooses to allocate its scarce resources to the production of goods and services to satisfy unlimited wants.

What is a resource? as a service or other asset (material) used to produce goods and services that meet human needs and wants

Capital Resource Capital is any resource that helps us to provide some type of product or service From the pencil that you use to the school you use it in, these are capital resources.

Land Resource This includes all natural resources, whether they be food, mineral, jewels or acreage. All things that are preexisting on Earth without the interference of man are put into this category. That is not to say that man does not have to help renew these resources, but they would be here if man did not use them up.

Labour Resource Labor is a resource provided solely by man whether it is in the form of physical or mental labor that man provides.