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Resources

Resources . Types & Classifying. What is a Resource?. A resource is an input into the production process. A resource is something you can use A resource is something you use to satisfy your needs & wants. Types of Resources. Resources can be either: Renewable

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Resources

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  1. Resources Types & Classifying

  2. What is a Resource? • A resource is an input into the production process. • A resource is something you can use • A resource is something you use to satisfy your needs & wants

  3. Types of Resources Resources can be either: • Renewable Can be replaced, regenerated, replenished. (within human lifespan) Once used they can be used again. • Non renewable Not replenished or renewed within a human life span. Once used up there is no more.

  4. Renewable or Non renewable?

  5. Classifying Resources

  6. What kind of Resource?

  7. The F.O.P – Factors of Production Resources can be classified further into the factors of production.

  8. Land • All natural resources when used as a factor of production are called land. • These resources can be renewable or non Renewable Land includes: Plants, Trees, Animals, Birds, Insects, Air, Sea, Water, Wind, Sun, Minerals, Rocks, Fossil Fuels, Sand etc

  9. Labour Labour is the physical effort in the production Process. Labour includes: Builders, Teachers, Doctors, Dentists, Chefs, Labourers, Mechanics, Cleaners, Freezing Workers, Farmers etc

  10. Capital • Man Made resources used to create other goods • & services • Sometimes called “Producer Goods” • Capital does not refer to money in Economics! Can be split into: • Productive Capital – Fixed Assets e.g. Buildings, Machines etc • Circulating Capital – Semi Finished Goods e.g. Nails, Hooks, hinges etc

  11. Entrepreneurship/Enterprise The skills of decision making and risk taking. • Management – combines the F.O.P to produce G & S. • Innovation – comes up with new ideas Examples of Entrepreneurship include: Mark Ellis, Doc, Steven Tindall, Dick Hubbard, John Key, Dairy Owner/Manager, Bill Gates, Richard Branson, Peter Jackson, etc

  12. Factor Rewards In return for use of the F.O.P each factor “derives” or earns an income. Land Rent Labour Wages Capital Interest Entrepreneurship Profit

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