Fundamentals of Economics. Доловова Н.Н - 62 стр.

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1. Two _____ facts provide a foundation for the field of economics and, in fact,
comprise the economizing problem.
2. In short, innumerable products which we sometimes classify as _____(food,
shelter, clothing) and _____(perfumes, yachts, mink coats) are all capable of
satisfying human wants.
3. But services satisfy our wants as much as do _____ products.
4. _____ wants also include those which businesses and units of government seek
to satisfy.
5. Our wants for a particular good or service can be satisfied; that is, over a short
period of time we can get sufficient _____ of toothpaste or _____.
6. The _____ of a luxury tax falls more on the middle class than on the rich.
7. _____ of luxuries made their congressional representatives well aware of the
economic _____ they experienced, and Congress repealed most of the luxury tax in
1993.
LESSON 15
The Foundation of Economics (II)
Scarce resources
Consider now the second fundamental fact: Economic resources are limited or
scarce. What do we mean by ''economic resources"? In general, we are referring to all
the natural, human, and manufactured resources that go into the production of goods
and services. This clearly covers a lot of ground: factory and farm buildings and all
sorts of equipment, tools, and machinery used in the production of manufactured
goods and agricultural products; a variety of transportation and communication
facilities; innumerable types of labor; and, last but not least, land and mineral
resources of all kinds. There is an apparent need for a simplified classification of such
resources, which we shall meet with the following categories: (1) property re-
sources—land or raw materials and capital; (2) human resources—labor and
entrepreneurial ability.
Resource categories
Let us examine these various resource categories.
LAND What does the economist mean by land? Much more than do most
people. Land refers to all natural resources—all "gifts of nature"—which are usable
in the productive process. Such resources as arable land, forests, mineral and oil de-
posits, and water resources come under this general classification.
CAPITAL What about capital? Capital, or investment goods, refers to all
manufactured aids to production, that is, all tools, machinery, equipment, and factory,

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