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Scarcity
What is it and what does it force us to do?
Providing for people's needs and wants in a world of scarcity.
resources are the basic inputs used to produce goods and services. because of scarcity, no society has enough resources.
Resources are also called Factors of Production and are divided into three categories: Land, Labor, and Capital.
Land
both renewable and non renewable resources. accounts for any resource provided by nature. includes anything natural above or below the ground such as lakes, forests, gold, diamonds, oil, coal, wind etc.
Labor is the physical and mental capacity of workers to produce goods and services ( people power). measured by both the number of workers available to work and the skills/quality of workers.
Farmers, assembly-line workers, lawyers, and professional football players are all labor resources.
countries differ in labor resources because of education, health, motivation, and experience.
Plants, machinery and equipment used to produce goods and service. Human made goods that do not directly satisfy human wants. factories, office buildings, warehouses, robots, trucks etc.
Not money!!!!!!!! This is financial capital
the creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products. An entrepreneur partakes in risky activities such as starting a new business, creating new products, or inventing new ways of accomplishing tasks. scarce resource because few people are willing to or able to take such a risk.
e.g.Levi Strauss, who invented new workers jeans during gold rush.
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