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SOL CE.11a

Civics & Economics SOL CE.11a

The inability to satisfy all wants at the same time? Scarcity
Factors of production like natural, human, capital, and entrepreneurship? Resources
Making a selection from a set of possible alternatives? Choice
The cost of what is given up when a choice is made? Opportunity Cost
Combining resources to produce goods or services? Production
Using of goods and services? Consumption
We have unlimited wants, but resources, goods and services are… limited
Scarcity forces everyone to make difficult… choices
Available resources and consumer preferences determine what is… produced
Consumer preferences and price determine what is… consumed
What type of resource are wood, coal, oil and iron? Natural
What type of resource are the workers who produce goods and services? Human
What type of resource are tools, equipment, buildings, and machinery? Capital
What type of resource are business owners who produce goods and services? Entrepreneurship
Created by: Warren_Fisher
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