Ii-semester lesson 1

Ex2.Write the correct possessive adjective or pronoun for these sentences.
1 Whose camera is this? Is it ..yours. ? (you)
2 Excuse me, those are ,.our.. seats, (we)
3 Is it suitcase or ? (you/he)
4 Has the dog had food? (it)
5 They're not keys - they're (I/she)
6 I don't think its room: I think it's (you/they)
7 The police asked me for address. (I)
Nouns, adjectives and adverbs
8 Have you got pen, or would you like to borrow? (you/I)
9 Garden is bigger than (they/we)
10 I think this is book. Oh no, it's (I/you)
11 The decision is (they)
12 The cat wants dinner, (it)
13 You know it's not money. It's (you/I)
14 It isn't car, it's (he/she)
15 It wasn't…. mistake, it was (I/they)
16 Have you met mother? (they)
17 parents say the decision is (she/they)
18 brother hasn't got a phone, so he uses (I/we)
19 car wasn't working, so I used (I/he)
20 house is smaller than (we/they)

Lesson 14

RESOURCES, INPUTS, TECNOLOGY, AND OUTPUT

Production involves transforming inputs into outputs. For example, seeds, dirt, and labor (inputs) combine to produce wheat (output). Many introductory economics texts call inputs resources and divide those inputs into three resources: land, labor, and capital. Economists in the 1800s, often called Classical economists, discussed production as a means of transforming land, labor, and capital into outputs. Classical economists divided all inputs into those three categories because they were interested in answering the question: How is income divided among landowners, workers, and capitalists? The three divisions helped them focus on that question: landowners’ income was rent workers’ income was wages and capitalists’ income was profit.

Modern advanced analysis of production doesn’t follow this threefold division. Instead, the modern analysis is more abstract and tells how inputs in general are transformed into outputs in general. Modern economic theory has moved away from the traditional division because the division of income among these three groups isn’t central to the questions economists are now asking.
But that leaves open the problem: What division of resources makes the most sense? The answer depends on what question you’re asking. For example, in the grade example in this chapter, your time was the input, while in the guns-and-butter example the inputs were machines, natural resources, and labor. In the most abstract categorization the ultimate resources are space (represented by land), time (represented by labor), and matter (represented by capital). Thus, in one way of looking at it, the traditional distinction is still relevant. But in another way, it isn’t. It directs our focus of analysis away from some important inputs. For example, one of the inputs that economists now focus on is entrepreneurship, the ability to organize and get something done. Entrepreneurship is an important input that’s distinct from labor. Most listings of general resources today include entrepreneurship.
Here’s another important point about resources. The term resource is often used with the qualifier natural, as in the phrase natural resources. Coal, oil, and iron are all called natural resources. Be careful about that qualifier natural. Whether something is or isn’t a natural resource depends on the available technology. And technology is unnatural. For example, at one time a certain black gooey stuff was not a resource—it was something that made land unusable. When people learned that the black gooey stuff could be burned as a fuel, oil became a resource. What’s considered a resource depends on technology. If solar technology is ever perfected, oil will go back to being black gooey stuff.