Econ Exam 1 - BRCC Buckner Questions With Complete Solutions
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Course
BRCC
Institution
BRCC
Econ Exam 1 - BRCC Buckner Questions
With Complete Solutions
the study of how people use their scarce resources to satisfy their unlimited wants
economics
the study of the economic behavior in particular markets such as that for computers or unskilled
labor that examines individual economi...
all gifts of nature used to produce goods and services such as bodies of water, trees, oil reserves,
minerals, and even animals nature resources (land)
can be drawn on indefinitely if used conservatively
Example: timber is a renewable resource if felled trees are replaced to regrow a steady supply, air
and rivers are renewable if they are allowed sufficient time to cleanse themselves of any
pollutants, biological resources (such as fish, livestock, forests, etc.) are renewable is managed
properly renewable resources
does not renew itself and so is available in a limited amount
Example: once each barrel of oil and or ton of coal is burned, it is gone forever
exhaustible resources
the physical and mental effort used to produce goods and services
Example: effort of a cab driver or effort of a brain surgeon labor
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