Name:
Scarcity and the Factors of Production!
Use Chapter 1, Section 1 (pages 3-6) to answer the following
In the chart below find the definition of the term given.
Economics
Need
Want
Goods
Services
Scarcity
Shortage
Factors of Production
Land
Capital
Physical Capital
Human Capital
Entrepreneur
Now that you know some terms, use them to answer the following questions on the back!
Answer the following and be ready for a discussion on them tomorrow!
1.
What is the difference between a good and a service?
2.
Why is the idea of scarcity a starting point for thinking economically?
3. How is scarcity different from shortages?
4. Describe the three factors of production?
5. What special advantages does physical capital offer?
6. What role do entrepreneurs play in the economy?
7. Which factor of production is represented by each of the following?
A) an office building
B) an assembly line worker
C) a tree used to make paper
D) unused soil
E) an artist
F) a student