ECON 1000 Lecture Notes - Lecture 2: Financial Capital, Human Capital, Angelina Jolie

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Xianghong Li

Document Summary

The gifts of nature that we use to produce goods and services are called land. In economics, land is what in everyday language we call natural resources. It includes land in the everyday sense together with minerals, oil, gas, coal, water, air, forests, and fish. Our land surface and water resources are renewable and some of our mineral resources can be recycled. But the resources that we use to create energy are nonrenewable they can be used only once. The work time and work effort that people devote to producing goods and services is called labor. Labor includes the physical and mental efforts of all the people who work on farms and construction sites and in factories, shops, and offices. The quality of labor depends on human capital, which is the knowledge and skill that people obtain from education, on-the-job training, and work experience.