Economics Chapter 1: Economic Resources

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Questions and Answers

What is the primary focus of economics as a social science?

Solving social problems

Solving economic problems (correct)

Solving environmental problems

Solving political problems

What is the main reason why we need to study economic resources?

To analyze market trends

To study environmental science

To understand human behavior

To achieve economic development (correct)

What are the two basic functions of natural resources in an economy?

Providing income and employment

Providing education and healthcare

Serving as a raw material for production and environmental service (correct)

Serving as a source of entertainment

What is the classification of economic resources that includes labor and management?

Human resources Signup and view all the answers

What are the four factors of production in economics?

Land, labor, capital, and entrepreneur Signup and view all the answers

What is the main characteristic of economic resources?

They are scarce Signup and view all the answers

What is the primary purpose of studying economic resources?

To achieve efficiency in resource use Signup and view all the answers

What is the term used to describe the depletion of natural resources?

Depletion of Natural Resources Signup and view all the answers

What percentage of the world's demonstrated oil reserves are found in 15 countries?

90% Signup and view all the answers

What is one benefit of international trade in relation to natural resources?

It helps to move resources from areas of overabundance to areas of high demand Signup and view all the answers

What is a characteristic of biotic resources?

They are derived from the biosphere Signup and view all the answers

What is an example of an abiotic resource?

Land Signup and view all the answers

What is the main challenge in classifying natural resources?

There are no clear guidelines or rules for classification Signup and view all the answers

What is the difference between potential resources and actual resources?

Potential resources may be used in the future, while actual resources are currently being used Signup and view all the answers

What is an example of a negative externality related to natural resources?

The environmental damage caused by resource extraction Signup and view all the answers

What is the term for the ability of one resource to be used in place of another?

Substitutability Signup and view all the answers

What percentage of land area is dedicated to agriculture?

It is a percentage of total land area Signup and view all the answers

What is the primary role of Natural Resources (NR) in human production processes?

To act as a raw material Signup and view all the answers

What is the purpose of measuring CO2 emissions per capita?

To monitor total greenhouse gas emissions Signup and view all the answers

What is the relationship between renewable energy and total final energy consumption?

Renewable energy is a percentage of total final energy consumption Signup and view all the answers

What is the primary function of Natural Resources (NR) in ecosystem services?

To maintain ecosystem services Signup and view all the answers

What is the purpose of measuring forest area as a percentage of land area?

To monitor forest utilization Signup and view all the answers

What is the purpose of measuring hydropower capacity?

To monitor renewable power capacity Signup and view all the answers

What is the purpose of measuring freshwater withdrawals as a percentage of international resources?

To monitor freshwater use Signup and view all the answers

What percentage of a country's wealth is typically made up of natural resources?

More than 50% Signup and view all the answers

What is one way in which natural resources can contribute to poverty alleviation?

By providing a safety net for the poor during financial crises Signup and view all the answers

Why is employment in the renewable energy segment increasing?

Due to the increase in demand for renewable energy Signup and view all the answers

What is the significance of natural resources in the lives of the poor?

They are essential for their livelihoods and jobs Signup and view all the answers

How can income from natural resources contribute to human capital development?

Through investment in education and healthcare Signup and view all the answers

What is the relationship between natural resources and economic development?

Natural resources are a key aspect of economic development Signup and view all the answers

Why are natural resources important for administrations?

They are a means of optimizing riches Signup and view all the answers

What is the potential impact of natural resources on employment?

A rise in employment opportunities in the renewable energy segment Signup and view all the answers

What was the approximate number of employments in the renewable vitality division in Germany in 2006?

259,100 Signup and view all the answers

What kind of farms are required for maintainable organic agriculture?

Small scale farms Signup and view all the answers

What is one of the ecosystem administration services provided by functioning natural systems?

Purification services like air pollution filtering Signup and view all the answers

What is the result of the increasing reliance on machines in agriculture?

Fewer jobs due to large scale farming Signup and view all the answers

What is the approximate number of employments in renewable energy related businesses in 2007?

1 million Signup and view all the answers

What is the importance of ecosystem administrations?

They provide fundamental establishment for the economy and society Signup and view all the answers

Study Notes

Economics and Resources

Economics is a social science that focuses on solving economic problems, which arises from the scarcity of resources and unlimited wants.

Economic Resources

Economic resources are the inputs used to produce and distribute goods and services, essential for achieving economic development.
The four factors of production are Labour, Land, Capital, and Entrepreneur.

Natural Resources

Natural resources (NR) are the backbone of every economy, providing two basic functions: raw material for production and environmental services.
NR can be classified into different categories, including:
- Biotic resources (living and organic material, e.g., livestock, forests, and fisheries)
- Abiotic resources (non-living material, e.g., land, rocks, water, air, and metals)

Classification of Natural Resources

Source of origin
Stage of development
Renewability
Ownership

Importance of Natural Resources

NR provides fiscal revenue, income, and alleviation of poverty
NR creates jobs and employment opportunities
NR maintains ecosystem services, essential for all life on earth
NR administrations are crucial for economic development and poverty alleviation

Natural Resources and Employment

NR have the potential to supply a critical number of occupations, especially in the renewable energy segment
Employment in the renewable energy sector has risen and has the potential to continue rising over the long term

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Description

This quiz covers the concept of economic resources and their divisions in economics. It explores the scarcity of resources and the unlimited wants in an economy.