Unit 4 Economics Lesson 1

When there is not enough of something

• Scarcity

• Unlimited Wants

• Human Resources

• Natural Resources

There is no end to the amount of things people want

• Scarcity

• Unlimited Wants

• Human Resources

• Natural Resources

Workers used to produce goods and services

• Scarcity

• Unlimited Wants

• Human Resources

• Natural Resources

Things in nature used by people

• Scarcity

• Unlimited Wants

• Human Resources

• Natural Resources

Every society has ___, ___, and ___ which are used to produce goods and service.

• Choice

• Natural resources

• Capital Resources

• Human Resources

Why is it a problem when people have UNLIMITED WANTS?

• There are LIMITED RESOURCES.

• There are too many NATURAL RESOURCES.

• There are not enough HUMAN RESOURCES.

Because of SCARCITY, humans have to make _______.

• Choices

• Natural Resources

• Economic System

• Unlimited Wants

When we make choices, we ask these questions...

• WHO will consume the goods and services produced?

• HOW will the goods and services be produced?

• WHAT goods and services will be produced?

• WHERE will goods and services be produced?