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
Which factor is the reward interest paid for?
State the factor reward (or payment for the use) of human resources.
Explain the term non-renewable resources.
Idea how resources that once they are used, are gone forever (exhaustible) e.g. oil, minerals. (This can apply to resources that take a long time to regenerate).
The various factors of production earn different factor incomes. Interest is:
Interest is the reward for capital resources.
Identify human resources and capital resources that would directly be used in the forestry industry.
Human resources; lumberjack, workers. Capital resources; chainsaw, trucks, roads, timber mill.
A dairy farm uses many resources while producing milk. Identify a natural resource.
Grass, water, cows, land.
The economic term for the work and effort of people, e.g. driver, worker is?