{"id":5001,"date":"2016-07-20T21:08:00","date_gmt":"2016-07-20T21:08:00","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=5001"},"modified":"2016-07-20T21:08:00","modified_gmt":"2016-07-20T21:08:00","slug":"video-resources","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/video-resources\/","title":{"raw":"Video: Resources","rendered":"Video: Resources"},"content":{"raw":"<p>https:\/\/youtu.be\/0PgP0dXAGAE\n\nBelow are the key points from the video:\n\nThere are four <strong>productive resources<\/strong> (resources\u00a0have to be able to produce something), also called <strong>factors of production<\/strong>:\n<\/p><ul><li><b>Land:\u00a0<\/b>any natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc.<\/li>\n\t<li><b>Econ<\/b><b>omic capital:\u00a0<\/b>anything that\u2019s manufactured in order to be used in the production of goods and services. Note the distinction between financial capital (which is not productive) and economic capital (which is). While money isn't directly productive, the tools and machinery that it buys can be.<\/li>\n\t<li><b>Labor:<\/b>\u00a0any human service\u2014physical or intellectual. Also referred to as <em>human capital<\/em>.<\/li>\n\t<li><strong>Entrepreneurship<\/strong>: the ability of someone (an entrepreneur) to\u00a0recognize a profit opportunity, organize the other factors of production, and accept\u00a0risk.<\/li>\n<\/ul>\n\u00a0","rendered":"<p>https:\/\/youtu.be\/0PgP0dXAGAE<\/p>\n<p>Below are the key points from the video:<\/p>\n<p>There are four <strong>productive resources<\/strong> (resources\u00a0have to be able to produce something), also called <strong>factors of production<\/strong>:\n<\/p>\n<ul>\n<li><b>Land:\u00a0<\/b>any natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc.<\/li>\n<li><b>Econ<\/b><b>omic capital:\u00a0<\/b>anything that\u2019s manufactured in order to be used in the production of goods and services. Note the distinction between financial capital (which is not productive) and economic capital (which is). While money isn&#8217;t directly productive, the tools and machinery that it buys can be.<\/li>\n<li><b>Labor:<\/b>\u00a0any human service\u2014physical or intellectual. Also referred to as <em>human capital<\/em>.<\/li>\n<li><strong>Entrepreneurship<\/strong>: the ability of someone (an entrepreneur) to\u00a0recognize a profit opportunity, organize the other factors of production, and accept\u00a0risk.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5001\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introductory Text. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Episode 3: Resources. <strong>Authored by<\/strong>: Mary J. McGlasson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/0PgP0dXAGAE\">https:\/\/youtu.be\/0PgP0dXAGAE<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Episode 3: Resources\",\"author\":\"Mary J. 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