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Prices of Resources

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by

Elisa Pena

on 10 May 2010

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Transcript of Prices of Resources

Prices of Resources
A resource is anything that is used in the production of a good or service. Any price change for a resource increases or decreases a business's production costs. Historical Example An increase would be when wheat was being produced more which would make the prices go up. A decrease would be that since the price went up on wheat that means less people would buy it. Contemporary Example An increase would be when gas prices went up A decrease would be that since the gas prices went up that would cause people to try to get the cheapest price from some other gas station or try to use their cars less.
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