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Unit 05 (1a-1b)

White 01 - Unit 5 (1a-1b)

QuestionAnswer
What is the inability to satisfy all wants at the same time? Scarcity
We want more goods and services than we can produce. Our wants are unlimited, but resources are __________. Limited
Who must make difficult choices due to scarcity? Businesses, Individuals, and Governments
What are factors of production that are used to make goods and services? Resources
What type of resource is farm equipment like a tractor? Capital
What type of resource are the workers in a factory? Human
What type of resource is a business owner? Entrepreneurship
What type of resource is wood, water, and sunlight? Natural
Created by: Warren_Fisher
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