Key Concepts Productive resources include natural resources, human resources and capital. These...

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Key Concepts • Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food, clothing and shelter. • All productive resources are scarce. Therefore, producers must choose which resources will produce the highest amount of goods and services given the costs. LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

Transcript of Key Concepts Productive resources include natural resources, human resources and capital. These...

Page 1: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Key Concepts

• Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food, clothing and shelter.

• All productive resources are scarce. Therefore, producers must choose which resources will produce the highest amount of goods and services given the costs.

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

Page 2: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Three Key Productive Resources

Natural Resources“Gifts of nature” used to produce goods and services; for example, fields of land, water, minerals,

and forests.

Human Resources The human effort available to produce goods and services.

Capital Resources Goods made and used to produce

other goods and services. Examples include buildings, machinery, tools,

and equipment.

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS

Page 3: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Key Concepts

• Specialization involves a situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS

Page 4: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Key Concepts

• Productivity is the amount of a good or service that can be produced with a given amount of natural resources, human resources, and capital resources. It is measured by taking total output and dividing it by the number of productive units used (typically the amount of labor).

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS

Page 5: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Ways to Increase Productivity

• In addition to specialization, productivity can be increased through:o Improved technology (new tools, irrigation)o More capital or human capital (education and

skills training)o Innovation (new idea on how to reorganize the

way labor is used) o Discovery of better resources (new minerals

are discovered)

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS

Page 6: Key Concepts Productive resources include natural resources, human resources and capital. These resources are used to produce goods and services like food,

Capital Increases Agricultural Output

Wooden Hoe Used to prepare the earth for the

planting of seeds or to weed.

Herding StaffUsed to guide animals helping

with farm work.

Hunting SpearHelped in harvesting the animal

used to feed individuals.

FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

LESSON 4 – GREAT CIVILIZATIONS DEVELOP AROUND RIVERS


Public Goods and Common Resources

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Unit 1...Unit 1 teaches the basic economic concepts that students should know to be able to do Units 2-4 effectively. The key concepts are goods and services, productive resources,

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Economics Unit 1 Summary - gpowell6.weebly.com · SSEF1 Explain why limited productive resources and unlimited wants ... productive resources. The scarce ... SSEF2 Give examples of

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Productive Resources October 14, 2014 NOTEBOOK. READING GRAPHS, TABLES AND CHARTS.

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