What is Economics?

The study of ow people figure out ways to ge things they need and want by making choices.

• Need

• Economics

• Service

• Business

Something a person cannot live without

• Land

• Food

• Need

• Want

Scarcity

• Having a limited number of an item

• Being afraid

• Action

• Physical items

Actions one person does for another person

• Favor

• Resource

• Service

• Capital

What is land?

• A place to farm

• All the natural resources used to make goods

• A necessary resourec

• Third factor of production

What are the factors of production?

• Land, Labor and farming

• Land, Labor, Capital and Entrepreneurs

• Logging, Production, Service and Farming

What is an example of Capital?

• Money

• Tools

• Factories

• all of the above

Give an example of labor?

• Assembly Line

• Doctor

• Clark's Donut

• Money

Define entrepreneur.

• Business Owner

• Banker

• Worker

• Physical Item

This an example of a physical item.

• talking

• dream

• prayer

• car