Podcast
Questions and Answers
Which of the following is NOT a renewable resource?
Which of the following is NOT a renewable resource?
Pollution can have negative effects on both renewable and non-renewable resources.
Pollution can have negative effects on both renewable and non-renewable resources.
True
What does the term 'conserve' mean in relation to natural resources?
What does the term 'conserve' mean in relation to natural resources?
To not misuse, spoil, or waste resources.
To conserve natural resources, you can reduce, reuse, and ____ them.
To conserve natural resources, you can reduce, reuse, and ____ them.
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Match the following types of resources with their examples:
Match the following types of resources with their examples:
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What is one of the two main soil types found in most of the Ethiopian highlands?
What is one of the two main soil types found in most of the Ethiopian highlands?
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Ethiopia has 35 percent of its total area suitable for agriculture.
Ethiopia has 35 percent of its total area suitable for agriculture.
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What role does land play in the Ethiopian economy?
What role does land play in the Ethiopian economy?
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The agricultural potential of brownish-to-grey and black soils can be enhanced with proper __________.
The agricultural potential of brownish-to-grey and black soils can be enhanced with proper __________.
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Match the following soil types with their description:
Match the following soil types with their description:
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Study Notes
Economic Resources and Markets
- Scarcity is the fundamental economic problem, where limited resources cannot meet unlimited wants.
- Economic resources are inputs used in production, like human labor, natural resources, capital goods, and entrepreneurship.
- Free resources are abundant, unlimited in supply, and have a zero price (e.g., air, sunlight).
- Scarce resources are in limited supply, and have non-zero prices (e.g., skilled labor, land).
Types of Resources and Factors of Payment
- Land is a natural resource; its payment is rent.
- Labor is human effort; its payment is wages.
- Capital are manufactured inputs; its payment is interest.
- Entrepreneurship combines the other factors; its payment is profit.
Renewable and Non-renewable Resources
- Renewable resources can be replenished naturally over time (e.g., sunlight, wind energy, water).
- Non-renewable resources are finite and cannot be replenished over time (e.g., fossil fuels, minerals).
- Conservation is crucial for sustainable use of all resources.
Types of Markets
- A market is an institution where buyers and sellers meet to exchange goods and services.
- Goods and services markets are where goods and services are bought and sold.
- Labor markets are where labor services are exchanged.
- Financial markets are where financial assets are bought and sold (e.g., stocks, bonds).
Circular Flow of Economic Activities
- The circular flow model illustrates the continuous flow of money and resources between households, firms, and the government.
- Real flows represent the movement of goods, services, and resources.
- Money flows represent the movement of money used for transactions.
Land as an Economic Resource in Ethiopia
- Land is a vital economic resource in Ethiopia, especially for agriculture.
- Two key soil types in Ethiopian highlands; Red-to-reddish brown soils and Brownish-to-grey and black soils are suitable for agriculture.
- Land rights and ownership have historically been complex issues in Ethiopia.
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Description
Test your knowledge on economic concepts related to resources and markets, including scarcity, types of resources, and factors of payment. This quiz will help you understand the distinctions between renewable and non-renewable resources as well.
