Surviving with scarcity – What if we had less?

Front

Not enough resources to meet all wants.

Back

Scarcity

Front

Deciding between different things because you can't have everything.

I can buy a phone or shoes.

Back

Choice

Front

The next best thing you give up when you make a choice.

Back

Opportunity cost

If you choose to play instead of studying, the opportunity cost is completing the assignment on time.

Front

The things used to make goods or services.

Back

Factors of production or Resources

Front

All factors of production whcih nature has provided us.

Back

Land or Natural resources

Front

Human efforts used in production of goods or services.

Back

Labour or human resources

Front

All those goods whcih are used to produce other products.

Back

Capital or man-made resources

Front

The one who organizes other resources and decide what goods or services to produce.

Back

Entrepreneur or enterprise