Scarcity, Factors of Production, Opportunity, and Production Curves
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| Economics | The study of how people seek to satisfy their needs and wants by making choices..
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| Shortage | When producers will not or cannot offer goods or services at the current prices.
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| Scarcity | When you have a limited quantity of resources to meet unlimited wants.
When there is not enough of a resource to meet the want or needs of the people
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| Factors of Production | The resources that are used to make all goods and services.
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| Land | The natural resources used to produce goods and services.
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| Natural Resources | Materials found in nature. Fertile farmland, coal, water, forests.
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| Labor | The effort that a person gives in doing a job where the person is paid.
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| Capital | Any human-made resource that is used to produce other goods and services. Two types are physical and human.
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| Physical Capital | Human-made objects used to create other goods and services. Also known as Capital Goods.
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| Human Capital | The knowledge and skills a worker gains through education and experience.
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| Entrepreneurs | Ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services.
They are the people who take risks to develop new ideas, and start new businesses and industries.
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lmeighan
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