Capital Resources | Derived demand | Entrepreneur | Factors of Production | Human Resources | Interest | Interest-reward for capital resources | Natural Resources | Non-Renewable Resources | Profit | Profit-reward for entrepreneurship | Renewable Resources | Rent | Rent-reward for natural resources | Resources | Wages | Wages-reward for human resources
A dairy farm uses many resources while producing milk. Identify a natural resource.
Grass, water, cows, land.
Explain the difference between a renewable and non-renewable resource, using fish as your example.
A non-renewable resource will not be replenished in a human lifespan. Fish stocks as a species may drop to such levels that they can not regenerate. Renewable resources can naturally regenerate and are sustainable. Fish stocks are able to regenerate in a reasonable period of time.
Fast food outlets use many resources while providing the food service for customers. Identify one example of capital resource used by a fast food outlet.
Pie warmer, cooking equipment, counter, till, EFTPOS machine, freezer, oven.
Which of the following are renewable resources? (i) Wind (ii) Trees (iii) Oil (iv) Coal (v) Solar energy
(i), (ii), and (v). Renewable natural resources are resources that are sustainable and are able to regenerate within a reasonable length of time.
The various factors of production earn different factor incomes. Rent is:
Rent is the reward for natural (land) resources.
Which factor is the reward profit paid for?
The demand for a resource is a ___________.
derived demand. Derived demand is the way in which buyers want factors of production (or resources). Buyers want the resources to produce goods or provide services.