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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 8 of 17
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- The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
- The four basic types of resources: labor, capital, land, and entrepreneurship.
- Labor as the human effort used to produce goods.
- Capital as the manufactured resource used in production.
- Land as the natural resources that provide the materials used in goods.
- Entrepreneurship as the factor that combines other resources in the production process.
- Differences between limited, scarce, and free resources.
- The fuzzy areas of overlap between the different types of resources.
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SLOPE, PRODUCTION POSSIBILITIES CURVE The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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NBS
Nash Bargaining Solution
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