Scarcity and Factors of Production

Front

The definition of Scarcity is...

Back

A limited amount of resources to meet unlimited wants and needs.

Front

What is a need?

Back

Something you have to have to live

Front

Human capital refers to the knowledge and skills a worker gains through education and experience.

Back

True

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?

Back

True

Front

What is the fundamental problem of economics?

Back

How to fulfill our unlimited wants and needs with limited resources?

Front

A person who provides a good or service

Back

producer

Front

A person who purchases a good or service

Back

consumer

Front

The idea that resources are limited; we don't have an unlimited supply of what we want

Back

scarcity

Front

Entrepreneurship is often considered a fourth factor of production since it is necessary for an entrepreneur to assemble the factors of production.

Back

True

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.