2.02 B Student Handout (Business)

When natural resources are limited

find another source find an alternate source conserve resource pay higher price

Resources that enable businesses to operate are also known as

inputs

Which of the following statements about economic resources is true:

As natural and human resources become limited, capital goods become limited.

Which of the following economic resources helps people be more productive:

Capital goods

Which of the following economic resources is responsible for combining the other resources to produce goods and services:

Human resources

Which of the following occurs when the supply of individuals who are willing and able to work diminishes:

Human resources become limited.

economic resources

Items that can be used to produce goods and services. They are the inputs that enable businesses to operate.

Which of the following statements regarding economic resources is true:

Natural resources, human resources, and capital goods are often referred to as factors of production.

How are human resources limited

People lack the special training or skills needed to do these jobs. People are not interested in filling certain jobs. Workforce demographics change. People do not live where certain job opportunities exist.

Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource:

Powering a motor vehicle with biodiesel instead of gasoline

Which of the following situations involves finding another source of a limited natural resource:

Searching for oil on the ocean floor

Automation involves replacing human resources with

capital goods.

Producers

are responsible for choosing and using the best combination of resources

Any manufactured or constructed item that is used to produce goods and services is considered a

capital good

When a stove is used in a restaurant kitchen, it is a

capital good.

Money

financial capital

Rather than being required to start his workday at 8:00 a.m. and end it at 4:00 p.m., Tyler is allowed to start and end his workday at his convenience as long as he works 40 hours per week. This is an example of

flextime

When human resources are limited

higher wages training and retraining promote job openings new sources of human resources increase automation employee assistance programs benefits flextime shared time

A salesclerk working part-time at a clothing store is an example of a(n)

human resource.

People, our __________________________, are valued for the work they do to produce goods and services. This includes both physical and mental work. Human resources are sometimes called labor.

human resources

Offering higher wages, employee assistance programs, and benefits are responses to limited

human resources.

Natural resources, human resources, and capital goods are all

limited

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is

limited.

When lack of capital goods

maintain the capital good change inventory procedures find alternatives modify the technology

Any resource that is found in nature and used to produce goods and services is considered a

natural resource

The state of technology that exists in a society can limit

natural resources and capital goods.

Using a stream to supply water for crops is an example of using

natural resources.

Weather conditions can most directly affect the supply of

natural resources.

3 types of resources / factors of production

natural, human, capital

Producers must decide how many workers are needed, what supplies and equipment are appropriate, and what _______________ are necessary to produce their goods and services.

raw materials

Because economic resources are limited, producers take a variety of steps to make up for the

shortages

Capital goods reflect the state of _________ that exists in society

technology

Without resources

there would be no production

When producers use the best combination of resources, consumers are more likely to get goods and services that

they want.

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring baby boomers. This is an example of a change in

workforce demographics.