Choice page 3
What is a need you have?
answers may vary, but might include: air, water, food, and shelter
Fill in the blank and read the whole sentence when answering.
page 4
All of the goods and services we produce are ___________.
scarce
page 4
What the factors of production?
land, labor, and capital
Looking at Figure 1.1 on page 5
What does an entrepreneur need to create goods and services?
land, labor, and capital
What would be your business idea if you were an entrepreneur?
answers will vary
What is a want you have right now?
answers will vary
page 4
What does scarcity imply?
limited quantities of resources to meet unlimited wants
page 4
What is land?
all natural resources that produce goods and services
page 4
What is physical capital?
buildings and tools
Who is an example of a famous entrepreneur?
Elon Musk, Jeff Bezos, Bill Gates, and others
Page 3
What is economics?
the study of how people seek to satisfy their needs and wants by making choices
page 4
When does a shortage?
occurs when producers will not or cannot offer goods and services at the current prices
page 4
What is labor?
the effort that a person devotes to a task for which that person is paid
page 5
What is human capital?
knowledge and skills a worker gains through education and experience
page 6
What are entrepreneurs?
ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services
Page 3
What is something that is necessary for survival?
Need
Fill in the blanks and read the whole sentence when answering
page 4
Shortages can be ________ or _____ -____.
temporary or long term
page 4
What is capital?
human made resources that are used to produce others goods and services
page 5
What are the 3 benefits of owning a dish washer?
1. Extra time
2. More knowledge
3. More productivity
page 6
"...we would discover that the supplies of land, labor, and capital are _____________."
scarce
What are the items that we desire but are not essential for survival called?
Want
Fill in the blank and read the whole sentence when answering
page 4
Scarcity in contrast, __________ exists because our needs and wants are always greater than our resource supply.
always
page 4
What are the 2 types of capital?
Physical and Human
page 5
What 2 things does an economy require to produce goods and services?
physical and human capital
What is the product that is being analyzed on page 6 under "Scarce Resources"?
French Fries