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Initially, items of __________ begin as raw materials or resources such as ore, trees, and oil. Through technology, these raw materials are transformed into usable items (ranging from books and computers to guns and tanks) .
Resource Decreases
The reduction in the availability or supply of natural, human, or capital resources in an economy or specific market.
Substitute Input
An alternative resource or material that can be used in place of another in the production process to achieve the same outcome.
Labor Resource Market
A market where individuals offer their labor or services for wages to employers who are in need of those services.
Output Effect
The change in total revenue generated by selling an additional unit of a product or service.
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