01:960:211 Lecture Notes - Lecture 2: Emerging Markets
19 May 2016
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Document Summary
Capital goods: tools/mechanisms that are used to produce other goods (ex. cranes, software) Consumer goods: goods that are bought by consumers and are used to support their standard of living and personal comfort. Factors of production: productive resources used to produce goods and services. Includes gifts of nature" that are used to produce resources. Natural resources as in minerals and oil, water, air, wild plants, animals, birds, fish, farmland, forests. Work time and work effort that ppl put in to produce goods and service. Human capital: the quality of labor that depends on how skilled people are. The knowledge and skill that people obtain from education, on-the-job training, and work experience. Tools, instruments, machines, buildings and such that all have been produced in the past and that are used by businesses to produce goods and services. Includes semi-finished goods, office buildings, and computers. Does not include money, stocks, and bonds----- these are financial resources.
