Economics The Basics

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  • Created by: Christina
  • Created on: 04-05-13 17:20

The Basics

Finite resources and sustainability

  • There are only a finite/ limited number of resources
    • Workers, machines, acres of land and reserves of oil and other natural resources on the earth.
  • Resources are being consumed faster than the planet can replace them
    • De-coupling - a process attempting to increase efficiency in allocation of resources.breaking the link between increasing demand and resource depletion.

Factors of Production

Capital                      Enterprise                         Labour                     Land 

 Infrastructure – a crucial type of capital

Renewable Resources

  • They must be inexhaustible or replaceable over time.
  • Rate of extraction must be less than the rate at which the resource renews itself.
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