PRINCIPLES OF BUSINESS AND MARKETING – MR. SHULTZ
ECONOMIC RESOURCES WORKSHEET
STUDENT NAME ___________________________ DATE _________________
Using the information you learned in the Economic Resources Lesson, answer the questions below. Make sure you
complete BOTH SIDES!
1. What are the three types of economic resources?
2. What is the definition of a Natural Resource?
3. How is wealth produced?
4. What is every tangible good made up of?
5. List at least five natural resources used to produce a can of chicken noodle soup.
6. What is called labor?
7. To the economist, what is labor?
8. When natural resources are worked up by labor into tangible goods, what do we call those goods?
9. What do we call “Services”?
10. List at least five human resources used to produce a can of chicken noodle soup.
TURN THE PAGE OVER TO COMPLETE THE WORKSHEET
11. What do economists refer to as capital?
12. What do capital resources increase?
13. Because there is always a demand for capital goods, what happens to the supply of consumer goods?
14. List at least five capital resources used to produce a can of chicken noodle soup.
15. In a market economy, how do we figure out how much labor to devote to capital goods vs. consumer goods?
16. If a shortage of capital goods develops, what happens?
17. Since natural resources are needed for all production, what happens any time overall production is increasing?
18. Why can’t the supply of natural resources be increase?
19. What happens if resources are used to produce one type of product?
20. Who competes for access to and ownership of economic resources?
21. What will command high prices?
22. What happens because there are a limited amount of natural resources?