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Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services. The items the people in Communityville produced are called capital resources. Step 3: Ask students questions such as:
Basic economic ideas and resource allocation. Learning summary. After you have studied this chapter, you should be able to: deine the fundamental economic problem. explain the meaning of scarcity, opportunity cost and the basic economic questions. deine ceteris paribus. recognise the importance of decision making at the margin.
Capital consists of human-made goods or means of production (machinery, buildings, and other infrastructure) used in the production of other goods and services, paid in interest. The economic resource definition is human-centred (anthropocentric). A resource is a source or supply from which benefit is produced.
This chapter deals with the concepts associated with resource maintenance and capital stocks. The text examines the five types of capital that underlie economic activity: natural, human, social, manufactured, and financial capital.
economic development. Financial capital facilitates economic production, though it is not itself productive, referring rather to a system of ownership or control of physical capital. Natural capital is made up of the resources and ecosystem services of the natural world.
Students will learn about the role that capital, human, and natural economic resources have on our society. They will do this through whole-group classroom discussion, watching a video, small-group work where students are assigned a specific well-known location and have to list the resources needed and used, as well as independent
An example of a function satisfying these assumptions, and that will be used repeat-edly in the course, is F (K;L) = AKfiL1¡fi with 0 < fi < 1. This production function is called Cobb-Douglas function. Here A is a productivity parameter, and fi and 1 ¡ fi denote the capital and labor share, respectively. Why they are called shares will ...
