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Means of making decisions means...
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What is the study of how individuals, business and governments make choices when faced with limited resources
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1.1 Scarcity Notes

QuestionAnswer
Means of making decisions means... Scarcity
What is the study of how individuals, business and governments make choices when faced with limited resources Economics
What are the three main factors of production Land, Labor, Capital and sometimes entrepreneurship
Whats the difference between Scarcity and Shortage Scarcity always exists and is a problem faced by all societies. Shortages are short and temporary
What does an economy require to produce goods and services Both Physical and Human Capital
What are the typical benefits of using Capital are More Knowledge Extra time More productivity
What is always scarce The people and physical capital
What is a key factor of production and causes people and companies can use it save a great deal of time Capital
What is Land? Natual Resources
What is Labor? Where people do the work
What is Capital Human Made resources
what are the 2 different types of capital Human Capital, Physical Capital
What is Human Capital? acquired knowledge and skills
what is physical capital? Objects used to create goods ot to supply services
two examples of needs and two examples of wants Needs: Medical Care and food Wants: Phones and makeup
If increasing physical capital increases productivity why would a company not buy newer, faster computers for all its workers every year? Because money is scarce. Because they already work, so it would be a waste of money.
Created by: vilaboy
 

 



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