![]() These differences are seen in the percentages of men and women in the labor force, the types of occupations they choose, and their relative incomes or hourly wages. When economists speak of the “gender gap” these days, they usually are referring to systematic differences in the outcomes that men and women achieve in the labor market. Gender Gap, from the Concise Encyclopedia of Economics Since 1940 the number of legal immigrants has increased at a rate of 1 million per decade…. Immigration is again a major component of demographic change in the United States. Immigration, from the Concise Encyclopedia of Economics There is a simple test for determining whether something is a resource (something valuable) or just garbage (something you want to dispose of at the lowest possible cost, including costs to the environment)…. ![]() ![]() What if you want to minimize the negative impact on the environment? With that as your goal… should these bottles be made of recycled glass? Should anything be recycled? How would we know?”… Suppose you value earth stewardship, and want to use the fewest resources. Also: Munger on Recycling, EconTalk podcast episode. Think Globally, Act Irrationally: Recycling, by Mike Munger. Most employment, and in dollar terms most production, choices are not directly guided by any observable price.” But most economic activity seems to take place without any influence from prices at all. “Prices are the central force directing resources and shaping consumption in a market economy. Research and development (R&D) is the creation of knowledge to be used in products or processes….īosses Don’t Wear Bunny Slippers: If Markets are so Great, Why are there Firms? by Mike Munger. Research and Development, from the Concise Encyclopedia of Economics This definition differs from the popular usage, wherein decisions to purchase stocks or bonds are thought of as investment…. What is investment? By investment, economists mean the production of goods that will be used to produce other goods. Investment, from the Concise Encyclopedia of Economics Therefore, economists regard expenditures on education, training, medical care, and so on as investments in humancapital…. That is because they raise earnings, improve health, or add to a person’s good habits over much of his lifetime. Schooling, a computer training course, expenditures of medical care, and lectures on the virtues of punctuality and honesty also are capital. These are all forms of capital in the sense that they are assets that yield income and other useful outputs over long periods of time.īut these tangible forms of capital are not the only ones. To most people capital means a bank account, a hundred shares of IBM stock, assembly lines, or steel plants in the Chicago area. Human Capital, from the Concise Encyclopedia of Economics The Minecraft activity will take up the bulk of the lesson time. In this lesson, students will learn the definitions of resources and analyze their use in building a home within Minecraft. There are three kinds of productive resources: human, natural, and capital. ![]() Understanding productive resources, the resources required to produce goods and services that people want, is important to understanding the economic world around us. ![]() Learning Economics: Productive Resources, at Minecraft Education How can this be? The answer lies in the fact that the effective stocks of natural resources are continually expanded by the same technological developments that have fueled the extraordinary growth in living standards since the industrial revolution…. Our exhaustible and unreproducible natural resources, if measured in terms of their prospective contribution to human welfare, can actually increase year after year, perhaps never coming anywhere near exhaustion. But another way of looking at the issue is far more relevant for assessing social welfare. The earth’s natural resources are finite, which means that if we use them continuously, we will eventually exhaust them. Natural Resources, from the Concise Encyclopedia of Economics When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. Entrepreneurship is the process of discovering new ways of combining resources. Supplementary resources for high school studentsįactors of production: land, labor, capital, and entrepreneurship, at Khan AcademyĮntrepreneurship, from the Concise Encyclopedia of EconomicsĪn entrepreneur is an agent of change. ![]()
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