Ch+1.1

Ch 1.1 __Scarcity and Choice__ __Scarcity__ __Land__ __Labor__ __Capital__ __Entrepreneurs__
 * desire of need or want-need is something like air food shelter, and a want- a desire, but not an essential to live
 * economics is the study how people seek to satisfy their needs and wants by making choices
 * goods are physical objects such as shoes and shirts
 * servies are actions or activties that one person performs
 * scarity-implies limited qualities of resources to meet unlimited wants
 * shortage-occurs when producers will not or cannot offer goods or services at the current prices
 * factors of production are land, labor and capital
 * land refers to all natural resources used to produce goods and services
 * labor is the effort that a person devotes to a task for which that person is paid
 * physical capital includes bulidings and tools
 * human capital is the knowledge and skills a worker gains through education and expierence
 * Etrepreneurs are ambitiuos leaders who decide how to combine land, labor, and capital resources to create new goods and services

questions >
 * 1) a good are physical objects services are actions or activities that one person performs from another
 * 2) scarcity is the starting point of thinking economically because your thinking about the limited quantity of resources to meet the unlimited wants.
 * 1) scarcity is thinking about the limited quantity of resources to meet the unlimited wants. and shortages occurs when producers will nor or can't offer goods or services at the current prices
 * 2) factor of production are land labor and capital
 * 3) physical includes buildings and tools and it can save people and companies a great deal of time and money