Economics

All about Economis

Resources

Human Resources are skills and work that humans make.

Ex. Taxi Driver, Waiter, Teacher, etc.

Natural Resources are resources that come directly from the earth.

Ex. Trees, Fossil Fuels, Coal, etc.

Capitol Resources are tools or objects that makes working easier.

Ex. Rock to Hammer, Shap Object to Scissors, etc.

Income

Income is money received regularly from work or through investments. Income is very important for families to receive so they can provide for themselves and their families.

Wealth

Wealth is a measure of everything you own including property, money, and possesions. Usually, when you are wealthy you have a lot of valuables. Yet what's a lot of money to you may not be a lot of money to someone else.

Economic Decisions

An economic decision is making a choice and identifying what is good and bad about that option. The objective it to collect some type of reward personal to you or economic to you.

Specialization

Specialization is a practicing of a skill in an area of work. The reason we have specialization is so we have people with knowledge of a certain subject to get better at.