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1. Identifying types of resources Each resource described in the table is an element of human capital, physical capital, or natural resources. In the following table, choose the correct type of resource illustrated by each example. Natural gas used heat an office building The physical strength one develops through weight training A sound system used by a professional band Human capital Physical capital Natural resources

          1. Identifying types of resources
Each resource described in the table is an element of human capital, physical capital, or natural resources.
In the following table, choose the correct type of resource illustrated by each example.
Natural gas used heat an office building
The physical strength one develops through weight training
A sound system used by a professional band
Human capital Physical capital Natural resources
        
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1. Identifying types of resources
Each resource described in the table is an element of human capital, physical capital, or natural resources.
In the following table, choose the correct type of resource illustrated by each example.
Natural gas used heat an office building
The physical strength one develops through weight training
A sound system used by a professional band
Human capital Physical capital Natural resources

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Identifying types of resources Each resource described in the table is an element of human capital, physical capital, or natural resources. In the following table, choose the correct type of resource illustrated by each example. able[[,Human capital,Physical capital,Natural resources],[Natural gas used heat an office building,,,],[The physical strength one develops through n,,,],[A sound system used by a professional band,O,0,O]] 1.Identifying types of resources Each resource described in the table is an element of human capital, physical capital, or natural resources In the following table,choose the correct type of resource illustrated by each example Human capital Physical capital Natural resource Natural gas used heat an office building The physical strength one develops through weight training O A sound system used by a professional band ?
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Transcript

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00:01 We'll look at some alternative methods for allocating our scarce resources.
00:05 First is going to be a command system where resources are allocated by the order of someone in authority.
00:14 This is often seen in centrally planned economies where the government decides what goods and services to produce, how to produce them, and who will receive them.
00:24 Our second one would be majority rule.
00:27 This is a method where our resources are allocated in the way that most voters choose.
00:32 This is often seen in our democratic societies.
00:36 Then we have our first come first serve method.
00:40 This we see that our resources are going to come to the first people in line.
00:45 This is often seen in situations where resources are limited and cannot easily be divided.
00:51 Then we have our market price.
00:54 This is a method where resources are allocated to people who are willing and able to pay the price...
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