Unit 1: What is Economics?

What factor of production is: Economics Classroom?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Sugar Cane?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: I heart Zupan T-shirts?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Field Hockey Practice?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Iron worker?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Bulldozer?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Student?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Oil?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: IRS Building?

• Land
• Labor
• Human Capital
• Physical Capital

Why are all goods and services scarce?

• Some goods cost more than others
• all resources are scarce
• Some things are needs & others are wants
• Some people want to have more goods than others