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Econ Ed Link: The Economics of Income: Which 'Wood' You Choose? Lesson PlanEcon Ed Link: The Economics of Income: Which 'Wood' You Choose? Lesson Plan
Publisher
Council for Economic Education
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Econ Ed Link: The Economics of Income: Which 'Wood' You Choose?

Curated by ACT

A key turning point in a nation's economic development is when it starts to use its resources for long term versus short term purposes. A natural resource example is trees: should people use wood for cooking food or building homes? Simpler societies tend to use wood predominantly as a fuel source (an output), whereas more advanced economies use wood principally as a capital good (an input) with which to build durable social infrastructure, e.g., houses, furniture, books, boats, signs, etc. The same principle applies to all types of a nation's resources (natural, human, educational, scientific, technological, financial, political, et al.) - sustainable economic growth depends on implementing a long term vision of resources as inputs for producing outputs as efficiently as possible.

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Concepts

capital resources, exchange rate, income, natural resources

Additional Tags

council for economic education, econedlink
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Resource Details

Grade
9th - 10th
Subjects
Social Studies & History
2 more...
Resource Type
Lesson Plans
Audiences
For Administrator Use
1 more...
Lexile Measures
0L

View 5,792 other resources for 9th - 10th Grade Economics

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