Economics

Every society has...

• Options

• Resorces

• Labor

____________ RESOURCES (Land)

• Human

• Capital

• Natural

• Phisical

________ RESOURCES (Labor)

• Capital

• Human

• Relax

• Natural

Natural, Human, Capital Resources are used to produce...

• Wood

• Goods

• Food

• Services

But RESORCES are ___________ and HUMAN WANTS are ___________

• Limited

• Millions

• Unlimited

• One

But RESORCES are Limited and HUMAN WANTS are Unlimited which results in __________

• Living

• Scarcity

• Money

• Unlimited amounts

But RESORCES are Limited and HUMAN WANTS are Unlimited which results in Scarcity shich means people must make Choices In order to awnser the questions:

• What goods will be produced?

• How will the goods and services be produced?

• Why will goods and services will be produced?

• Who will consume the goods and services

How a Society awnsers questions will result in a particular type of...

• Market Economy

• Economic System

• Mixed Economy

• Comand Economy