Scarcity Review

When you have to make a choice, this is the best of the options that you DIDN't pick. It's what you had to give up in order to go with the choice that you made.

• Scarcity

• Benefit

• Capital

• Opportunity Cost

The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.

• Natural Resources

• Human Resources

• Capital Resources

• Labor Resources

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless - so people are forced to make choices.

• Standard of Living

• Scarcity

• Trade-off

• Opportunity Cost

Goods that are used by people to make other goods or perform services. This can include money invested towards making new goods or providing new services - like tools, machine, buildings, etc.

• Natural Resources

• Human Resources

• Capital Resouces

• Labor Resources

What is an economic want?

• Things people need in order to survive.

• Things people don't want anymore.

• Things people desire to consume.

This studies how people choose to use scarce resources to satisfy their wants.

• Scarcity

• Economics

• Cost-benefit analysis

• Capital

Someone who buys and uses goods and services are called

• Consumers

• Producers

• Entrepreneurs

• Capitalists

This is a person/people who has an idea and skills to take the risk and start a business.

• Consumer

• Producer

• Entrepreneur

• Capitalist

What are they physical objects that are produced for consumers?

• Services

• Goods

• Wants

• Needs

This factor of production include the talents and skills of human beings.

• Land

• Labor

• Capital

• Entrepreneurship