1.1 Scarcity Notes Word Scramble
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| Question | Answer |
| 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