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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.

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Lesson 3: Scarcity | Unit 2: Resources Page: 6 of 17

Topic: Free or Scarce? <=PAGE BACK | PAGE NEXT=>

We have limited resources. Limited resources can be free or scarce.
  • Scarce Resource. A resource is scarce if it can't produce all of the goods people want it to produce.
  • Scarce resource and scarcity are related. Scarcity is the society-wide condition in which resources are limited related to all wants and needs. Scarce resource is the condition that applies to a specific resource.
  • Free Resources. A resource is free if it can produce all of the goods people want it to produce and then some. We can have free resources, even though society faces the condition of scarcity.

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MONOPOLISTIC COMPETITION, DEMAND

The demand curve for the output produced by a monopolistically competitive firm is relatively elastic. The firm can sell a wide range of output within a relatively narrow range of prices. As a price maker, the firm has some ability (not much, but some) to control price. The demand curve is negatively sloped, but relatively elastic, because each firm produces a slightly differentiated product, but faces competition from a large number of very, very close substitutes.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for infected paper cuts.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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