Resources are Scarce

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Scarcity

Limited amount of resources to meet unlimited wants.

Entrepreneur

a person who takes the risk and gathers the resources to provide new or improved good or service to the marketplace. Ex. small-business owner

Captial Resources

manmade goods that are produced for purpose of producing other goods and services. Ex. machines, computers, buildings, tools

Human Resources

people performing mental or physical work to produce goods and services. Ex. Doctors, teachers, trash haulers

natural resources

resources that occur naturally in and on earth that are used to produce goods and services. Ex. wood, oil, lead, water

absolute advantage

the ability to produce more of a product given the same amount of resources.


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