Producers and Consumers

What could a business do if it had a scarcity of human resources?

• Fire everyone that works at the business.

• Hire more people.

How might a drought, or lack of rain, affect producers and consumers?

• Lead to fewer crops and create a scarcity of goods made.

• Nothing, producers, and consumers would not be affected.

How does scarcity affect production?

• The business will have to make decisions on how to use its resources.

• The business will not have to change anything.

How does scarcity affect consumption?

• The consumption of goods does not change.

• Consumers may have to spend more money on goods and services.

What is scarcity?

• A lot of something.

• Being scared of something.

• When there is not enough of something to meet people's needs and wants.

What are human resources?

• A group of humans at a party.

• A person who makes products or provides services.

• Something that is produced by nature.