Seven_Facts_Of_Economic_Life

Seven Facts Of Economic Life The World’s Resources are Limited In our society we take things like electricity, natural gas, wood, steel and lets not forget oil, for granted. If your cold you turn on the heater, if your hungry you cook something to eat, and if you want to build something you go to Lowe’s or Home Depot and buy all the wood and nails you can carry. Where do all these resources come from and how much is left' Americans consume about thirty percent of the world’s resources and with an overall population of nearly two hundred and eighty million people we Americans consume a lot of goods. We can break resources down into several groups: Natural Resources: Things like air, water, trees, coal, oil, land, sunshine. All our resources start as natural resources and are manufactured or used in someway to produce the end product we consume. People: People are the key ingredient transforming our natural resources into consumable resources. People provide the labor such as; factory workers, executives, managers, accountants, educators, legislators and auto mechanics, basically anyone who is involved with this transformation of goods from natural to consumable. Capital: Without capital such as factories, buildings, and resources, one, several, natural, economic, action, willing, product, value, things, price, live, jackson, information, dollars, provide, pay, need, income, doll, dad, world, without, time, service, production, private, people, part, now, money, goods, good, depending, about