Scarcity

Specialization and trade ---.

• can increase the quantity and lower the price of goods and services without any necessary improvement in technology

• leads to increased prices and lower production

• always leads to bankruptcy with a sale of all of the corporation's assets

• all of these

These are the factors of production --4--

• entrepreneurship

• land (resources)

• capital (money, borrowed money, machines, structures, market position)

• labor, either contracted or direct employment

• marketing plans

Labor services are ---

• owned

• rented

Using backward imputation. The land of the Champagne region of France has value because ---

• Champagne has value

• it is valuable

• real estate always has value

• Thomas Sowell

• Walter Williams

• F.A. Hayek

• Hermando de Soto Polar

• Hernando de Soto Polar

• F.A. Hayek

• Thomas Sowell

• Walter Williams

• F.A. Hayek

• Walter Williams

• Thomas Sowell

• Hernand de Soto Polar

• Walter Williams

• Hernando de Soto Polar

• Thomas Sowell

• Milton Friedman

vision, responsibility, decision maker, connections, special knowledge, extra effort, tenacity, innovation, organizational skills, sensitive to consumer demands, commitment

• these are entrepreneurial quality brought to production of goods, sales, and providing services

• these are common labor values brought to production and every worked test so far has all of them

You must give up something to get it

• shortage

• scarcity