Basics of Economics

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Part A 1.

time, money

resources

scarce resources

Part A 2

needs and wants

wants

dreams

Part A 3

want

need

Part A 4

cars, cell phones and clothes

food, clothing and shelter

Part A 5

materials

Factors of Production

Part A 6

Human Resources

Capital

Entrepreneurship

Part A 7

capital

labor

land

Part A 8

labor

capital

land

Part A 9

labor

land

capital

10.

Part A 10

scarcity

shortages

disasters

11.

Part A 11

durable

nondurable

12.

Part A 12

durable

nondurable

13.

Part A 13

scarce

supplied

demanded

14.

Part B 1.

labor

land

Entrepreneurship

capital

15.

part b 2

labor

land

Entrepreneurship

capital

16.

Part b 3

Entrepreneurship

labor

capital

land

17.

part b 4

Entrepreneurship

capital

land

labor

18.

Part b 5

labor

capital

Entrepreneurship

land

19.

part b 6

capital

labor

land

Entrepreneurship

20.

part b 7

capital

land

Entrepreneurship

labor

21.

part b 8

labor

Entrepreneurship

land

capital

22.

part b 9

capital

Entrepreneurship

labor

land

23.

part b 10

land

capital

Entrepreneurship

labor

24.

part B 11

labor

Entrepreneurship

land

capital

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