Resource-markets- POWER POINT PRESENTATION

RESCOURCE MARKET

1. Resource markets CHAPTER 8

2. What are resource markets? A resource market is a place, either physical or virtual, where materials, assets and other elements are exchanged between parties. In other words, supply and demand interact with each other to trade different kinds of items.

3. What are resource markets? they function largely the same as markets for goods and services but with the roles of individuals and firms reversed. Individuals, in this case, are the suppliers and firms are the demanders.

4. What are resource markets? The resource market allows businesses to produce goods that enter the product market.

5. Similarities of resource market & markets for goods and services They both have D emand curves (showing the changing need for things like labor and items needed to build products) and S upply curves (showing the amount of resources available, such as trees for paper and loggers).

6. 2 types of economic market Markets for goods and services M arkets for the factors of production, also known as resource markets .

7. Factor of production is an input used during the creation of products

8. Types of resources & MARKETS Labor Capital Land/Natural resources

9. T ransactions normally occur in virtual trading platforms, in the case of raw materials, natural resources and capital (financial market) and they are conducted by companies and individuals through financial institutions or government agencies.

10. Labor market Is where employers hire workers and workers look for jobs, individuals sell (or, technically speaking, rent) their time and effort to firms who purchase their labor by hiring them.

11. Labor market Two groups are in this resource market: skilled and unskilled.

12. skilled laborers represent individuals with specific skills that companies will pay high prices to procure. Accountants, engineers, actuaries, and computer technicians are a few examples of skilled labor.

13. Unskilled labor includes individuals with few technical skills; these individual often work at jobs with repetitive tasks.

14. Financial services and capital resource markets include all companies that work with money. These include banks, investment firms, and lenders.

15. Land/Natural resources market land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks and etc.

16. The resource market overall is highly dynamic and the government has implemented a legal framework that promotes entrepreneurship, job specialization and access to financial resources.