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nonrenewable resource: a resource that, once used, is no longer available
renewable resource: a resource that can be replenished after use
scarcity: the idea that all resources are limited and insufficient to meet unlimited wants and needs
value: the worth of an item in in consideration with goods, services, or money
Resources - Things people use to make goods and services (example: metal used to make a car)
3 types of resources: Land,Labor, and Capital
Land: things found in nature, such as minerals & water
Labor: the effort and skills of people
Capital: assets used to make money
►Scarcity affects the value (amount) of a resource.
the more scarce a resource, the higher the value of that resource.
the less scarce the resource, the lower the value.
► Resources that are scarce are:
costly
often used only where they are required
► Resources that are less scarce are:
less costly
often used to make lower-priced goods
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