NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production.

     See also | resources | land | factors of production | labor | capital | entrepreneurship | pollution |

NATURAL RESOURCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: January 26, 2015].

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Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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Sales of New Single-Family Homes
September 2014
467,000 (seasonal adjusted annual rate)
Up 0.2% from August 2014 Source: Econ Stats Adm.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for rusty deck screws.
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