1.1 Scarcity Notes
Help!
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| Means of making decisions means... | Scarcity
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| What is the study of how individuals, business and governments make choices when faced with limited resources | Economics
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| What are the three main factors of production | Land, Labor, Capital and sometimes entrepreneurship
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| Whats the difference between Scarcity and Shortage | Scarcity always exists and is a problem faced by all societies.
Shortages are short and temporary
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| What does an economy require to produce goods and services | Both Physical and Human Capital
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| What are the typical benefits of using Capital are | More Knowledge
Extra time
More productivity
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| What is always scarce | The people and physical capital
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| What is a key factor of production and causes people and companies can use it save a great deal of time | Capital
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| What is Land? | Natual Resources
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| What is Labor? | Where people do the work
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| What is Capital | Human Made resources
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| what are the 2 different types of capital | Human Capital, Physical Capital
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| What is Human Capital? | acquired knowledge and skills
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| what is physical capital? | Objects used to create goods ot to supply services
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| two examples of needs and two examples of wants | Needs: Medical Care and food
Wants: Phones and makeup
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| 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.
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