Scarcity and Factors of Production

A natural resource is:

• Gifts of nature. What the earth makes naturally

• Human workers

• Man made things that help make a good or service

• A person who risks their time and money to start a business

A capital resource is:

• Gifts of nature

• A person who risks their own time and money to start a business

• Money that is left over after paying operating costs

• Man made things that help make a good or service

What is an Entrepreneur?

• A person who risks their own time and money to start a business

• The money a business makes from selling their goods and services

• Revenue

• Profit

Which is an example of a natural resource?

• Water

• Construction worker

• Oven

• Spoon

When people can't have everything they want due to limited resources, this is:

• Scarcity

• Entrepreneur

• Profit

• Consumer

Land, labor, capital, and entrepreneurship

• Economy
• Infrastructure
• Factors of production
• Capital

The goods used in the production process such as factories, machinery and equipment

• Land
• Labor
• Resources
• Capital

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

WHAT IS LABOR?

• work people do for pay to produce good and services

• actions people do for other people

• any physical object

• The money people get for inheritance

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurs

• Capital

• Labor

• Land