Google
Monday 
November 4, 2024 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
PHYSICAL SCIENCE: The scientific study of nonhuman, nonsociety phenomenon, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomenon go by the names physics, chemistry, biology, geology, and astronomy, among others. The primary reason for this entry is to provide a contrast with social sciences, especially economics, that study human behavior and society.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 4: Production Possibilities | Unit 4: Analysis Page: 17 of 24

Topic: Resource Quantity and Quality <=PAGE BACK | PAGE NEXT=>

Three ways to increase resource quantity.
  • Labor: Labor increases through (1) natural population growth, (2) immigration from other nations, and (3) more participation and fewer nonworkers.
  • Capital: The key to getting more capital is investment, giving up satisfaction today to get capital tomorrow.
  • Materials: The key to increasing their quantity is exploration. Exploration is best illustrated by digging or drilling into the Earth's crust in search of mineral or fossil fuel deposits.
Two ways to increase resource quality.
  • Education-The Quality of Labor: Education increases the quality of labor resources. Better educated workers are more productive workers.
  • Education can be formal, sitting-in-a-classroom or informal, on-the-job-training experience. Both are valuable methods of increasing the quality labor.
  • Technology-The Quality of Capital: Technology is the knowledge and information society as a whole possesses concerning the production of goods and services. Better technology enables more production.
  • Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.

Course Home | Lesson Menu | Page Back | Page Next

CONSUMPTION

The use of resources, goods, or services to satisfy wants and needs. At the macroeconomic level, consumption is reflected as expenditures by the household sector on gross domestic product. At the microeconomic level, consumption is important to utility, demand, and market exchanges. Consumption is the ultimate goal of economic activity.

Complete Entry | Visit the WEB*pedia


APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for cardboard boxes.
Your Complete Scope

This isn't me! What am I?

Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Kites rise highest against the wind, not with it. "

-- Winston Churchill, British prime minister

CFA
Cash Flow Accounting
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2024 AmosWEB*LLC
Send comments or questions to: WebMaster