What is Economics Review

Economics is

• People trying to satisfy their needs by making choices

• Business operations

• Charts and Graphs

• The study of currency and geopolitics

Scarcity is

• Limited resources to fulfill unlimited needs

• A scary city

• People not getting what they want

• The problem of human happiness

Food Shelter and Clothing are

• Needs

• Wants

A want is something you need to survive

• True

• False

Land, Labor, and Capital are

• Wants

• Needs

• Scarcity

• The factors of production

Human Capital is Knowledge Skills and Experience someone posses

• True

• False

the tools and materials used to produce goods are called

• physical capital

• human capital

• Land

• Labor

A shortage is when something happens and a good or service is temporary unavailable.

• True

• False

What we call someone who brings together land labor and Capital

• Capitalist

• Manager

• Entrepreneur

• Laissez-faire

A supermarket is

• A service

• A good

• Both