Economic Resources & Scarcity

Economic Resources & Scarcity

What am I learning?

• The four factors of production

• How scarcity requires individuals and nations to make choices

Why am I learning it?

Both people and countries must deal with the problem of scarcity. Nations do not have enough factors of production to produce everything their population wants.

How will I know that I have learned it?

• I will be able to list and explain the 4 factors of production.

• I will be able to explain how scarcity forces individuals and countries to make economic choices.

Open Ended

What resources do you think were used to make these pencils? List all you can think of.

Multiple Select

Which of the following are considered a renewable resource?

• cattle

• coal

• trees

• oil

Multiple Select

Which of the following are examples of capital goods?

• Delivery Truck

• Supermarket

• Cash Register

• Tractor

• Office Building

Open Ended

How are entrepreneurial resources different from labor resources?

Multiple Choice

Which is NOT a factor of production?

• natural resources

• labor

• capital

• the marketplace

Multiple Choice

Which statement about natural resources is true?

• Water is renewable because it can be reproduced.

• Lumber is not renewable because it takes a long time to grow new trees.

• Coal is renewable because there is so much of it still in the ground.

• Agricultural products are renewable because new crops can be grown each season.

Multiple Choice

Which is an example of a capital resource?

• a machine used to make molded plastic toys

• a customer service representative

• money borrowed from a bank

• the president of a company

Multiple Choice

Which means the same as human resources?

• capital resources

• service providers

• labor resources

• unskilled workers

Multiple Choice

Individuals who start and direct businesses to produce goods and services are called

• entrepreneurial resources

• global resources

• labor resources

• virtual resources

Multiple Choice

What is scarcity?

• unlimited wants and needs

• a shortage of resources

• a lack of goods and services

• limited expenses

Open Ended

From an economic standpoint, how is steel different from iron ore?