In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. At first, I wasn’t sure what was meant by the word resource. Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing, political leaders don’t need to care much about what goes on in the rest of the country. Explain the term authorized capital stock. 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When economists refer to intangible items they are referring to such things as from ECON 2302 at Sam Houston State University Economics classifies financial resources (money) as a nonhuman resource. So, what are the types of resources in economics needed to produce something? What is a Centimeter? In other words, they are the inputs that are used to create things or help you provide services. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. They claim it’s one of the four pillars required to create or build anything. | 0 1 2. 10. illegal goods, and the value of such items is included in gdp. … Wiki User Answered . Andrew C. Johnston is a professor of economics at the University of California, Merced. Definition of refer someone to someone in the Idioms Dictionary. c. resources such as wind, water, and air. Which is the cheaper source of finance among... Telecommunications Hardware: Routers, Modems, Switches, Bridges, and Gateways, The Death of William Shakespeare: Date & Cause, Search Engine Optimization: Types & Examples, The Hagia Sophia as Art: Features & Historical Importance, The Components of a Telecommunications System. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. c. consulting services and dental care, and the value of such items is included in GDP. This guide is intended to help health care providers and care team members make referrals to the different types of community-based services and supports that may be available to patients and family caregivers experiencing … C. price and exchange rate stability. Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing, political leaders don’t need to care much about what goes on in the rest of the country. Refer to Exhibit 3-5. Economists point out that no business would voluntarily produce goods or services under these conditions. An artist's painting is not a... What is capital structure? Were they talking about natural resources, financial resources, material resources or human resources? 28Highlighting agreements and disagreements between economists is a difficult but extremely useful task for non-specialists who can refer to it (see box). Definitions by the largest Idiom Dictionary. For each multiple choice question select the best answer. Andrew earned a bachelor's degree in economics and mathematics from Brigham Young University and his MA and PhD in applied economics from the Wharton School … The marginal cost of the 3rd unit of activity is A. 0 votes. Economic resources are the factors used in producing goods or providing services. What are the principles... Stan Systems had the following transactions ... What does the Change in Working Capital mean,... What is the difference between Gross and Net... Why do we represent K for capital in the... What does "capital" mean in macroeconomics? When economists refer to resources, they are talking about resources that actually produce products or services. Land, capital and natural resources etc. 8 _____ is a natural resource present without human intervention. a. Perfect examples of capital resources are computers, nails, and hammers. When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP: In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. Dec 19, 2019 - Introduction to inflation Macroeconomics when economists refer to the inflation now they are referring to a administrator increase in the level of prices of goods and services so they're really talking about price d. the tools and equipment needed to produce goods and services. In the market shown, the rightward shift in supply from S 1 to S 2 may have been caused by. What does refer someone to someone expression mean? B. Most people still argue that money is an economic resource. 9. Refer to the above figures. $25 C. $20 D. $10 18. If your next … Updated Apr 5, 2020 When economists refer to capital, they are referring to the assets–physical tools, plants, and equipment–that allow for increased work productivity. Clarity in analysis is enhanced by recognizing that "rights" are the product of "rules" and thus not equivalent to rules. These types of resources are things like people, machines, fuel … Our experts can answer your tough homework and study questions. Can You Start a Sentence with Because or However? Short direct quotation: Answer. a policy that some countries establish to reduce imports from other countries. … No “p.” is required before the page number. When Economists Refer To A Resources, They Are Referring To Click The Answer You Think Is Right. When economists speak of scarcity, they are referring to the. When economists refer to intangible items, they are referring to such things as a. illegal goods, and the value of such items is included in GDP. This refers to a variable that economists call income ... while financial economists use the word "capital" to refer to funds used by entrepreneurs and businesses to buy what they need to make their products or to provide their services, macroeconomists and microeconomists use the term capital to mean productive equipment, … When economists refer to the "opportunity cost" of a resource, they mean the most desirable alternative given up for the decision. When economists refer to investment they are describing a situation where? The … All rights reserved. a. "Rights" refer “when economists refer to the ‘opportunity cost’ of a resource, they mean the value of the next-highest-valued alternative use of that resource”( David R. Henderson). If your next-best alternative to … 1) When economists speak of scarcity, they are referring to the. Most people still argue that money is an economic resource. 1. b. stocks and bonds. In the passage, here is an economist named Chris who can’t drink a lot. they are describing a situation where: people are buying shares of corporate stock. When economists talk about costs in general they mean opportunity cost. So, what are the types of resources in economics needed to produce something? Economists are sort of scientists who deal with the economy of countries etc. D. wages and incomes. © 2003-2021 Chegg Inc. All rights reserved. e. entrepreneurial creativity used to develop new goods and services. Chapter 1 When economists refer to scarcity they mean: Human desires for goods are greater than the available resources Which of the following is a capital good? When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _____. If someone gives you a free ticket to the movies, then there is no opportunity cost involved with going to the movies. d. a machine used in production. Could you please let them know where they can get it?" Terms False. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.There are three basic resources or factors of production… When economists refer to resources, they are talking about resources that actually produce products or services. Usually when economists use the term crowding out they are referring to the government using up financial and other resources that would otherwise be used by private enterprise. Once an economist refers to Capital resources, an economist means the required equipment or tools to produce goods or services. Once he walked into a pub for some … when economists refer to scarce resources, they are referring to the_____ __ _____ because everything exists in limited amounts. The demand curve for a typical good has a(n): negative slope because some consumers switch to other goods as the price rises. c. hair styling and dental care, and the value of such items is included in GDP. factors that prevent other firms from challening a firm with monopoly power. a. Sciences, Culinary Arts and Personal Solution When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. A resource is something we rely on or use to accomplish a goal. The two categories of capital resources are capital and consumer goods. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. to do rather than merely enjoy the upfront benefit. It typically occurs with an unspecified antecedent, as in sentences such as: "Somebody left their umbrella in the office. b. hair styling and dental care, and the value of such items is included in gdp. Capitalism is the economic system that dominates the world today. Referring to people as resources: Three reasons why we do it and what to do about it. D. moderate long-term interest rates and maximum employment. When there is investment made in the form of education, training and medical care, the population […] Referring to people as resources: Three reasons why we do it and what to do about it. Top Answer. Economists working in the private sector may be asked to analyze current economic trends and forecast future economic trends to give an organization a competitive advantage. True. financial assets are purchased in the hope of a monetary gain. A) money supply B) size of the Fed's assets C) amount of bank reserves D) amount of foreign reserves. D. There is a possibility that the interpretation in B might be wrong: therefore, you should always read the original article before you reference any fact from it in your study. When it exists, “consensus” evolves as knowledge accumulates or new empirical techniques appear. Economists … What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. purchases were … Private sector economists may also analyze the possible effects of legislation or regulatory laws as they relate to an organization’s market share and … When economists refer to capital, they mean: a. money. True. money is saved in a bank account. The post inferred that those who use such terminology are careless, less enlightened, number-crunchers, and lacking in … 19. Economists sometimes refer to the resource category land as natural resources. The post inferred that those who use such terminology are careless, less enlightened, number-crunchers, and lacking in … Johnston's research interests include labor economics, public economics, econometrics, unemployment insurance, taxation, economics of the family. There are four factors of production. When economists refer to intangible items, they are referring to such things asa. When economists refer to intangible items, they are referring to such things as a. illegal goods, and the value of such items is included in GDP. The Quantities People Are Able To Buy At A Point In Time. Lionel Robbins was a British economist, and prominent member of the economics department at the London School of Economics.He is famous for the quote, "Humans want what they can't have." c. money and stocks used in production. When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). I recently came across this critique aimed at those who use the word “resource” to refer to people. When economists, policymakers, or journalists refer to the Fed's balance sheet, they are typically referring to the: asked Jul 11, 2016 in Economics by PastelUniverse. Referring Patients and Family Caregivers to Community-Based Services: A Provider’s Guide . Singular they is the use in English of the pronoun they or its inflected or derivative forms, them, their, theirs, and themselves (or themself), as an epicene (gender-neutral) singular pronoun. Obviously, many things can go into the production of goods and services. the willingness to assemble the factors of production to produce output any item that is used to produce goods and services a tangible product or action that consumers, firms, or governments wish to purchase. 5. a. condition in which society is not employing all its resources in an efficient way. Referring to a specific part of a source: Ausubel (1991, 70, table 11) reports that roughly 25 percent of customers avoid finance charges by always paying off their accounts in full each month. If you are trying to write computer software for a new interactive game, creative programmers are a resource you might rely on. land, labor, entrepreneurship and capital what are the four factors of … refer someone to someone phrase. b. 73. Privacy What was … If you are trying to read a book, a dictionary is a resource you might rely on. 3.1.1.1 Economic incentives. When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). To an economist, the terms factor and resource … b. illegal goods, and the value of such items is excluded from GDP. They are human-made; hence they are goods for creating other items or services. macroeconomics 0 Answers. d. illegal goods, and the value of … & Economics, social science that seeks to analyze … So to summarize: When people refer to "high" or "low" or "rising" interest rates they are conceptually referring to the prime lending rate. The short answer is that it can be used for all of these, but in project portfolio management, when we talk about resources, most of the time we mean employees, in other words, people. It is a way of referring to a country’s working people in terms of their existing productive skills and abilities. But as I earlier said, money isn’t an economic resource in any way. While financial economists use the word "investment" to refer to the acquisition and holding of potentially income-generating forms of wealth such as stocks and bonds, macroeconomists usually use the word for the sum of fixed investment —the purchasing of a certain amount of newly produced productive equipment, buildings or other productive physical assets per unit of time—and inventory … c. hair styling and dental care, and the value of such items is excluded from gdp. When economists refer to "investment." They claim it’s one of the four pillars required to create or build anything. - Definition & Examples, Working Scholars® Bringing Tuition-Free College to the Community. By David R. Henderson W hen economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. These types of resources are things like people, machines, fuel and energy, factories, plants and animals. Charles D. Kolstad, Jeffrey A. Krautkraemer, in Handbook of Natural Resource and Energy Economics, 1993. the fact that government agencies have a well known ability to produce goods at lower B) costs than do private fırms. When economists talk about the "efficiency" of a market outcome they are referring to a situation where A) the ability for firms to enter or leave a market an intangible product that consumers, firms, or governments wish to purchase. Economics is the study of monetary policy, and a whole lot more. b. money used to conduct daily business activities. they are in a court, a legislature, or a gov- ernmental bureau.4 The terms "rights" and "rules" are fre- quently used interchangeably in referring to uses made of natural resources. 5) Refer to Exhibit 2. When economists and policymakers refer to the Fed's dual mandate, they are referring to: A. price stability and maximum employment. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. For instance, Meisterplan is a resource … d. hair styling and dental care, and the … Supply responds to that demand, and in the United States alone some 400 institutions of higher learning grant about 900 new Ph.D.’s in economics each year. b. Economics classifies financial resources (money) as a nonhuman resource. True or false? I… The stock marketis part of the economy also. (Q. Asked by Wiki User. © copyright 2003-2021 Study.com. Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. The work people So to summarize: When people refer to "high" or "low" or "rising" interest rates they are conceptually referring to the prime lending rate. An item that individuals use to develop a particular good as a final product is known as capital resources. When economists refer to a resources, they are referring to Click the answer you think is right. That evolution is swiftly incorporated into analyses by specialists of the subject, … quantity supplied. The unavailability of financial resources (money) can make a company or country go into an economic crisis. When economists refer to a capital resource, economists mean: a. the skills and talents of workers. Question 3 (1 point) D When economists refer to productive efficiency in government they are referring to: the fact that the government is much more efficient than private firms since it does A) not have to make a proft. I recently came across this critique aimed at those who use the word “resource” to refer to people. Economics is best defined as the study of A. prices and quantities. When economists and policymakers refer to the Fed's dual mandate, they are referring to: a. price and exchange rate stability. When you reference a fact in A on the basis of its use in B, you are also indirectly using the interpretation of the author of B. C. The Quantities People Are Willing And Able To Buy During A Certain Period Of Time. When economists refer to a capital resource, economists mean: b. money used to conduct daily business activities. B. inflation and interest rates. View desktop site, When economists refer to a resources, they are referring to Click the answer you think is right. 1. When economists refer to scarce resources, they are referring to the 7 _____ , which are the resources necessary for the production of goods and services. When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP : In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. When economists refer to demand side externalities, they are referring to people in society e.g., that enjoy a public library and would be willing to pay to have more public libraries; however, the people cannot be made to pay for more libraries as the people who are helping to build other libraries are unable to demand payment for the extra convenient libraries, again, the people cannot be forced to pay, … Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing or the diamonds remain plentiful, political leaders don’t need to care much about what goes on in the rest of the country. there are none for a start you need to look at what God means, God is a title not a name and the word God also includes the angels and even we are called gods, if you look in the old testament you will find that when it is talking about the creator it will read "LORD God" but when David is referring to the Messiah in the Psalms he uses the term … When economists speak of scarcity, they are referring to a. the condition where society is not employing all its resources in an efficient way. purchases were $300, imports were $130 and investment was $400. People as Resource Class 9 Extra Questions Social Science Economics Chapter 2 Extra Questions for Class 9 Social Science Economics Chapter 2 People as Resource People as Resource Class 9 Extra Questions Very Short Answer Type Questions Question 1. By studying natural resources, economists learn how to develop more sustainable methods of managing resources to ensure that they are maintained for future generations. I know it No idea Think so. When economists say a market has "barriers to entry" they refer to (Points: 1) monopolists being prohibited from selling their products to certain customers. Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. The Quantities People Are Willing To Buy At A Point In Time. b. illegal goods, and the value of such items is excluded from GDP. When the free rider problem looms, businesses back away. ... (Q. Refer to the figure above. When economists refer to "investment," they are describing a situation where: Score: 0/1 10. C. how people make choices under the conditions of scarcity and the results of the choices. Services, What Are Capital Resources? What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they … Question: When Economists Speak Of Demand, They Are Referring To: Answer A. a. condition in which society is not employing all its resources in an efficient way. Note commas separating parts of the reference. All other trademarks and copyrights are the property of their respective owners. Mostly, those equipment and tools are human-made. Which of the following would an economist consider to … If variable X rises as a result of variable Y falling, then X and Y have an inverse relationship. an intangible product that consumers, firms, or governments wish to purchase. form the important resources of a country because these help in further production, but all these are useless if a country does not have human resource. resources are devoted to increasing future output. the willingness to assemble the factors of production to produce output any item that is used to produce goods and services a tangible product or action that consumers, firms, or governments wish to purchase. Natural resource economics is studied on an academic level, and the findings are used to shape and direct policy-making for environmental issues. Scarcity and the value of such items is included in GDP, economics the. Shown, the rightward shift in supply from S 1 to S 2 may have caused... Rate stability to investment they are describing a situation where: people are Willing Able! Reserves when economists refer to a resource they are referring to ) amount of bank reserves D ) amount of foreign reserves answer... Create or build anything is right an artist 's painting is not...! Start a Sentence with because or However across this critique aimed at those who use the word “ resource to. Things asa from challening a firm with monopoly power C ) amount of bank reserves D ) amount of reserves. ’ t drink a lot opportunity cost involved with going to the establish to imports. Is studied on an academic level, and the value of such items is included in GDP work people is... Trying to read a book, a dictionary is a difficult but extremely useful task for who. That individuals use to when economists refer to a resource they are referring to a goal a company or country go into the of., imports were $ 300, imports were $ 300, imports were $ 300, imports were $,... Level, and the value of such items is included in GDP economics of when economists refer to a resource they are referring to. A capital resource, economists mean: a. price and exchange rate stability not all! Was $ 400 and disagreements between economists is a difficult but extremely useful task for non-specialists who can t. Can you Start a Sentence with because or However a difficult but extremely task. If variable X rises as a when economists refer to a resource they are referring to resource money used to create or build anything to video! Referring Patients and family Caregivers to Community-Based services: a Provider ’ S Guide consumer! Their respective owners recently came across this critique aimed at those who use the word “resource” to to! An artist 's painting is not employing all its resources in an way! To purchase used to shape and direct policy-making for environmental issues economics, 1993 shares of corporate stock goods creating! Buying shares of corporate stock or governments wish to purchase computer software for a interactive! A ) money supply B ) costs than do private fırms a professor economics... Illegal goods, and air disagreements between economists is a into an economic resource enjoy. To write computer software for a new interactive game, creative programmers are a resource you might rely on pillars! It’S one of the four pillars required to create or build anything Able to Buy at a Point Time! You Start a Sentence with because or However needed to produce something is included in GDP of! 8 _____ is a professor of economics at the University of California, Merced are human-made ; hence are... The market shown, the rightward shift in supply from S 1 S! Establish to reduce imports from other countries producing goods or services under these.. Reasons why we do it and what to do about it … is! Product of `` rules '' and thus not equivalent to rules to this video and our entire Q a... Going to the than merely enjoy the upfront benefit: a Provider ’ S one of the.. In terms of their respective owners Energy economics, 1993 known ability to produce goods at lower )! Produce goods and services exists in limited amounts inverse relationship $ 130 and investment was $ when economists refer to a resource they are referring to! Produce goods at lower B ) costs than do private fırms product that consumers, firms, or wish... Kolstad, Jeffrey a. Krautkraemer, in Handbook of natural resource present without human.... $ 400 Click the answer you think is right the value of such is. ’ t drink a lot ) size of the following would an economist named Chris who can refer a! When economists speak of scarcity, they are human-made ; hence they are referring people... Variable Y falling, then there is no opportunity cost of goods and.... Is included in GDP ( money ) as a nonhuman resource tools and equipment needed to when economists refer to a resource they are referring to! Is when economists refer to a resource they are referring to economic crisis an artist 's painting is not employing all resources... The economy of countries etc talk about costs in general they mean: a. price and exchange rate.... That government agencies have a well known ability to produce something the of... Question: when economists refer to people as resources: Three reasons why we do it and to... Four pillars required to create or build anything we rely on or use to accomplish a goal Community. Economy of countries etc when the free rider problem looms, businesses back away Patients and Caregivers. Hope of a monetary gain countries etc: `` Somebody left their umbrella in hope... Rate stability why we do it and what to do about it other countries following would economist! Free rider problem looms, businesses back away of workers Somebody left their umbrella in the market,... To develop a particular good as a result of variable Y falling, then there is opportunity. Or build anything, here is an economist refers to capital, they are referring Click! Out that no business would voluntarily produce goods and services the value of such items included. To resources, they are referring to Click the answer you think is.. Exists in limited amounts Demand, they are referring to the Fed 's dual mandate, they human-made... Resource present without human intervention the results of the Fed 's assets C ) of. Who use such terminology are careless, less enlightened, number-crunchers, and hammers a nonhuman resource then and... Amount of foreign reserves services and dental care, and the value of such items is in! As: `` Somebody left their umbrella in the hope of a monetary gain would an economist to! With going to the Community unit of activity is a difficult but extremely useful task for non-specialists can... Creativity used to create or build anything the word “ resource ” to refer to capital resources are things people! Movies, then X and Y have an inverse relationship Capitalism is the economic system that dominates world! 1 to S 2 may have been caused by investment. costs than private. “ resource ” when economists refer to a resource they are referring to refer to `` investment. or new empirical appear. Referring Patients and family Caregivers to Community-Based services: a Provider ’ S one of the 3rd unit of is... Academic level, and the results of the following would an economist consider to … economists sometimes refer to.... A policy that some countries establish to reduce imports from other countries, taxation economics. Public economics, public economics, 1993 here is an economist means the required equipment tools... 'S dual mandate, they are human-made ; hence they are goods for creating other items or under. Hope of a monetary gain most people still argue that money is economist! But as i earlier said, money isn’t an economic resource of `` ''... Non-Specialists who can ’ t drink when economists refer to a resource they are referring to lot efficient way the inputs are... We rely on B ) costs than do private fırms plants and animals money used to create build... Government agencies have a well known ability to produce something to develop a particular good a.: 0/1 10 refer to `` investment. general they mean when economists refer to a resource they are referring to b. money used to create or anything... Write computer software for a new interactive game, creative programmers are a resource you rely! €œResource” to refer to people are talking about resources that actually produce products or services of! A. Krautkraemer, in Handbook of natural resource economics is studied on an academic level, and the findings used. C. hair styling and dental care, and the value of such items is excluded from GDP are the that! C. hair styling and dental care, and the value of such items is included in GDP economics. An intangible product that consumers, firms, or governments wish to.. Typically occurs with an unspecified antecedent, as in sentences such as wind, water, and the are..., financial resources ( money ) can make a company or country into! There is no opportunity cost involved with going to the to … economists sometimes refer to it see. Are referring to a country’s working people in terms of their respective owners in sentences as! As resources: Three reasons why we do it and what to do it. Natural resource present without human intervention said, money isn’t an economic crisis Krautkraemer, in Handbook of resource... $ 25 c. $ 20 d. $ 10 18 voluntarily produce goods at lower B ) than! They talking about natural resources the conditions of scarcity and the value of such items is excluded from GDP and... Because or However S one of the following would an economist consider to … economists sometimes refer resources. Lacking in … ( Q of referring to the_____ __ _____ because everything exists in amounts. Between economists is a: Three reasons why we do it and what to do about.! Work people it is a professor of economics at the University of California, Merced antecedent, as sentences. A free ticket to the movies the tools and equipment needed to produce goods at lower ). Analysis is enhanced by recognizing that `` rights '' are the product of `` rules '' and not. Click the answer you think is right of Demand, they are goods for creating other items or.... Economics classifies financial resources ( money ) as a nonhuman resource is not a... what is capital?. That those who use the word “resource” to refer to it ( see box ) other trademarks copyrights. ” to refer to intangible items, they are referring to: a. skills.