which of the following is an economic resource? This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you Chapter 19 1 Lesson Economic Resources. Following along are instructions in the video below:
“Chapter 19 section. 1. And the title of this is economic resources. The big idea idea here is that an economic system is the way.
A society organizes the production consumption of goods and services. Let s see number 1. What is it good. It is a thing right a service is something that you provide factors of production natural resources.
Labor capital entrepreneur. Gdp. Standard of living these are all items that will get into a so do you agree that people who do not take risks will never succeed in business. Because after all the word entrepreneur means to undertake any investment that you make you could potentially fail.
There s no such thing as a sure thing in business. You re careful market research and you weigh the pros and cons and you do your cost. Benefit analysis. You can remove a lot of unknowns.
But ultimately there s risk in any business and so again i want to review these four factors of production first off things produced at economists use the term output. So if the output of your jelly. Donut shop well as your jelly doughnuts. So that s the thing you produce and it comes in two forms.
It can be a service. You know maybe if you decide to cut hair for a living you would be providing a service that has value and that of course is work performed by a person for someone else right now my bike is in the shop. Because i broke the spoke the hub and brevard is fixing it that s a service. But they re within their rights to charge me for there s the part which is good because that is the spoke the little thing and then there is the service of fixing it because i ve never taken the time to learn how to fix the spoke should know.
But i haven t and now i have to pay someone to do it and they will be able to make money off of my lack of knowledge which is perfectly fair secondly goods goods are physical things books are a great example if you write a book you produce a good formally. We call these tangible products that we use to satisfy our wants and needs my phone is a good. It s a consumer good in fact now i would say that a phone would be certainly a need in today s world a fancy smart phone versus flip phone that would probably be a want but when i bought it and satisfied that need for a phone gotta have a phone so that was a good but secondly capital goods these satisfy once indirectly by aiding in the production of consumer goods. So this is a consumer good.
I bought it i am legally the end user..
I can knock it out the window with a baseball bat. I can run it over with my car. I can set it on fire. I can eat it it s mine to destroy or use for life.
However. The casing was made as a capital good. It was made by a factory. If i remember correctly there hu.
A wi. I can t pronounce it. But that s the factory that makes the google pixel thumb. And the case was made in a separate department as a consumer good.
It was then sold to that company who put the guts of the film inside that case again that aided in the production of said phone. But i don t just go around buying cases for phones. I m talking about the actual metal house you know no one s gonna buy that we buy the consumer good okay so faction factors of production once more our resources necessary to produce goods and services. So the first thing is going to be natural resources.
These are gifts of nature that make production possible you know the casing or the housing for my phone is made of aluminum that stuff comes right out of the ground. There s a huge mine in a place called alcoa tennessee. Which one is one of the leading producers of aluminum in our country. I can t guarantee you.
But it is possible that some of my foam comes from alcoa tennessee. It s a gift of nature could be trees could be lumber could be aluminum secondly labor labor. That is the human effort directed toward producing said goods and services. I would guess that much of the production of my phone was handled automatically it was done by a robot.
However somebody had to watch the robot occasionally the robot breaks somebody has to fix the robot somebody had to build the robot etc. There is a lot of labor that went into this device. And that s the human element next are the capital capital is the previously manufactured goods used to make other goods and services now in my obsessive research over which fountain to buy i wanted to know how much did it actually cost google to make this phone. And i learned that it roughly costs them half of what i wound up paying for so that meant that they re making a profit.
So they make about a twenty five percent profit off each item then they pass it down to the retailer who then makes another twenty five percent profit..
So bottom line. The actual cost of this foam was significantly less than what i wanted up. But they had to actually invest money for every phone. They make they got to pay for it because it takes the land the labor and the finances to make set film every single one of them cost x amount of money now capital goods are the result of production.
So the final end result is a phone that is worth x. Amount of money and that can be sold for a profit. The profit motive is what motivates google they re not just you know robot benefactors of society to do these things over the kind of their heart know they re making lots of money off people like because after all whoever founded. Google was not sure pannier.
They started a new business. Which began with their search engine for search engine grooves the most popular search engine on the planet and they began to introduce new products along with that most of them were software base for many many years and they ve recently gotten into the hardware business. And so they re introducing new products and they re improving management techniques. They re getting better every year.
Once more entrepreneurs are an essential component of production. Somebody has to take that risk and give google a try there were also lots of failed search engines that you probably never heard of netscape navigator was one of the very first search engines. I remember using it when i was your age i don t even know if it exists anymore. Yahoo has somehow remained in existence even though they are certainly not the most popular search engine dogpile is probably one you ve never heard of there are many others again all of these were started by entrepenuers.
They were all innovative in their own way. Some made it some did not entrepreneurs introduced new products and develop new management techniques. If you can find a better way to do something do it. And you could possibly make a lot of money that way when i was young.
I was always inspired by this family that lived at the top of the hill. Where my grandmother lived they were called the bronx and they had the biggest house in the neighborhood. It was super fancy they had this indoor pool. I was always so excited when i got to go over only a few times.
I got to see this place is amazing. The nicest house. I ve ever been in the owner of the home made his wealth by inventing. A small part for a vacuum cleaner.
Whatever that part was it made the vacuum cleaner work..
Better. And they are ultra millionaires. At this point. They had the fanciest house in town.
It was always cool to go see it i always thought man if i can just find one small thing. That makes one element of our lives. Easier. I ll never have to work again.
Which of the following do you think is most important well ultimately they re all essential components of labour. So the next measure the success of a country we use the term gdp or gross domestic product. That is the total value of all the services produced in a country during a single year once. More gdp is the grand total value of all goods and services produced in our country.
So one manager of your own family s economic stability is your gross income. You know you have to put it on your taxes each year. What is your total household income so for my wife and i we put down a number and that is how we did last year. How much total money.
We made and of course. That s the gross estimate that s before any other expenses. Because the reality is after we pay all our bills. Our variable budget is far smaller than what our gross budget is and it s the same for us.
As it is for the entire country when we look at gdp. That s just one measure that means all the money that our country made last year and economists use that for example this measures all goods that go into making or doing something all money this produces a result. However it doesn t factor in expenses. So once more when we look at how much money.
We made as a family that doesn t factor in how much gas it took to get here doesn t factor in how much food. We had to buy cousin factory and all the other million things medical bills or whatnot and that s the same at gdp that s why it s only one measure. But how do we measure well number one we have to find the relative worth of the goods and services that we produce and so ultimately this helps us measure. The standard of living standard of living means at the material.
Well being of an individual group or nation measured by how well their necessities and luxuries are satisfied so once upon a time..
We were the nation with the highest standard of living. That is no longer true. But yet again standard of living is a measure of how well we are doing. But it also measures just quantity.
It s just a number it doesn t measure quality. It also does not account for appreciation so if you want to really want to know how much my phone is worth you can look up the retail value. Although by this point. I ve dropped it a million times.
It s been underwater without this case. It would be long since dead even though it s been protected in a case. The value of the phone has been depreciated if i were to try to sell you this phone you might be willing to pay half retail. Because it s a year old at this point so you might pay.
But it doesn t account for that when we re looking at gdp. All we re looking at is how much does this phone retail for but it s not the only measure also when we re measuring an economy. We look at the net domestic product and this actually does subtract production caused by depreciation from gdp that means. It does the the net gdp or the net domestic product.
Rather measures the actual cost and so this accounts for any cost associated with production of said goods and services. Any depreciation have sent vehicles. You know let s say we own a busing company well your average bus those yellow buses run about close to a hundred grand apiece well they re good for 200 thousand miles and then the state says they have to be sold so they re sold super cheap. I mean if you want the cheapest rv out there by an old school bus.
They re still good for at least another three hundred thousand miles the state says they have to go at 200 thousand. So they go from spending a hundred grand on a brand new yellow school bus to selling those things off superduper. Cheap. And that s a depreciation that s accounted into our schools budget every x.
Amount of years. We have to buy new school buses that s factored in that is all part of our net. ” ..
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