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?

<p>Human resources (D)</p> Signup and view all the answers

What are the four factors of production in economics?

<p>Land, labor, capital, and entrepreneur (B)</p> Signup and view all the answers

What is the main characteristic of economic resources?

<p>They are scarce (B)</p> Signup and view all the answers

What is the primary purpose of studying economic resources?

<p>To achieve efficiency in resource use (A)</p> Signup and view all the answers

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

<p>Depletion of Natural Resources (C)</p> Signup and view all the answers

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

<p>90% (D)</p> Signup and view all the answers

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

<p>It helps to move resources from areas of overabundance to areas of high demand (A)</p> Signup and view all the answers

What is a characteristic of biotic resources?

<p>They are derived from the biosphere (D)</p> Signup and view all the answers

What is an example of an abiotic resource?

<p>Land (A)</p> Signup and view all the answers

What is the main challenge in classifying natural resources?

<p>There are no clear guidelines or rules for classification (A)</p> Signup and view all the answers

What is the difference between potential resources and actual resources?

<p>Potential resources may be used in the future, while actual resources are currently being used (B)</p> Signup and view all the answers

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

<p>The environmental damage caused by resource extraction (B)</p> Signup and view all the answers

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

<p>Substitutability (D)</p> Signup and view all the answers

What percentage of land area is dedicated to agriculture?

<p>It is a percentage of total land area (D)</p> Signup and view all the answers

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

<p>To act as a raw material (A)</p> Signup and view all the answers

What is the purpose of measuring CO2 emissions per capita?

<p>To monitor total greenhouse gas emissions (D)</p> Signup and view all the answers

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

<p>Renewable energy is a percentage of total final energy consumption (A)</p> Signup and view all the answers

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

<p>To maintain ecosystem services (D)</p> Signup and view all the answers

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

<p>To monitor forest utilization (A)</p> Signup and view all the answers

What is the purpose of measuring hydropower capacity?

<p>To monitor renewable power capacity (B)</p> Signup and view all the answers

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

<p>To monitor freshwater use (C)</p> Signup and view all the answers

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

<p>More than 50% (D)</p> Signup and view all the answers

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

<p>By providing a safety net for the poor during financial crises (A)</p> Signup and view all the answers

Why is employment in the renewable energy segment increasing?

<p>Due to the increase in demand for renewable energy (A)</p> Signup and view all the answers

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

<p>They are essential for their livelihoods and jobs (C)</p> Signup and view all the answers

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

<p>Through investment in education and healthcare (B)</p> Signup and view all the answers

What is the relationship between natural resources and economic development?

<p>Natural resources are a key aspect of economic development (C)</p> Signup and view all the answers

Why are natural resources important for administrations?

<p>They are a means of optimizing riches (C)</p> Signup and view all the answers

What is the potential impact of natural resources on employment?

<p>A rise in employment opportunities in the renewable energy segment (B)</p> Signup and view all the answers

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

<p>259,100 (B)</p> Signup and view all the answers

What kind of farms are required for maintainable organic agriculture?

<p>Small scale farms (B)</p> Signup and view all the answers

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

<p>Purification services like air pollution filtering (A)</p> Signup and view all the answers

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

<p>Fewer jobs due to large scale farming (B)</p> Signup and view all the answers

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

<p>1 million (B)</p> Signup and view all the answers

What is the importance of ecosystem administrations?

<p>They provide fundamental establishment for the economy and society (C)</p> Signup and view all the answers

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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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