Apply the basic concepts of Chapters 1 and 2 in analyzing the basic economics of a...

Apply the basic concepts of Chapters 1 and 2 in analyzing the basic economics of a company. Make sure to include the following concepts:

Product versus resources
Each of the four types of resources

Expert Solution

Product means finished goods or services that are sold to consumers in a Product Market

Resource are needed to purchase good and services. So, someone can go to a market to buy resources to run his business and it is called resource market.

Example: Suppose you are a garments manufacturer. To produce your garments you need cotton. For this purpose you need to buy cotton from cotton industry. That market will be a resource market.
But after reducing the governments when you sale those garments to the customer then the market will be called product market.

Four basic types of economics resources:
Land: Natural resources (Iron ore, gold, diamonds, oil, etc.)
Labor: Human (Wage-earning workers)
Capital: Plants and equipment used in the production of final goods (Trucks, heavy duty machinery, factories, etc.)
Entrepreneurship: Running new business (Bill Gates, Steve Jobbs etc.)

Rahul Sunny answered 1 year ago

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