scarcity and the factors of production pdf

<< /Length 11 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> 3. There is a limited amount of crude oil in the world. Segment 1 of The Production Possibilities Frontier uses the fictional economy of Econ Isle to discuss how limited resources result in a scarcity problem for the economy. (b) A shortage results from rising prices; a scarcity results from falling prices. Scarcity. endobj Scarcity implies that not all of society’s goals can be pursued simultaneously, as the many different kinds of resources (production factors) are available only in limited amounts. There are three major factors of production: 1. << /Type /Page /Parent 3 0 R /Resources 6 0 R /Contents 4 0 R /MediaBox [0 0 1024 768] Explain why economists say all resources are scarce. endobj Explain how scarcity affects the factors of production. Key Terms and Concepts Directions: Match the terms with the descriptions. The Scarcity Assumption, Economic Problem and the Definition of Economics Revisited ... Limited Factors of Production (Resources) + (Unlimited Wants) = Scarcity Scarcity is also causes resources have value, sacrifice is necessary to get it. << /ProcSet [ /PDF /ImageB /ImageC /ImageI ] /ColorSpace << /Cs1 7 0 R >> O*��?��f��`ϳ�g��C/��O�ϩ�+F�F�G�Gό��z��ˌ��ㅿ)��ѫ�~w��gb��k��?Jި�9��m�d��wi獵�ޫ�?��c�Ǒ��O�O��?w| ��x&mf�� (c) A shortage is a lack of all goods and services; a scarcity concerns a single item. Students will understand how scarcity … 2. They are the starting point of the production process. endobj ��.3\��r��Ϯ�_�Yq*��©�L��_�w�ד��+��]�e��D��]�cI�II�OA��u�_�䩔��)3�ѩ�i��B%a��+]3='�/�4�0C��i��U�@ёL(sYf��L�H�$�%�Y�j��gGe��Q��n��~5f5wug�v��5�k��֮\۹Nw]��m mH��Fˍe�n��Q�Q��`h��B�BQ�-�[l�ll��f��jۗ"^��b��O%ܒ��Y}W��w�vw��X�bY^�Ю�]��W�Va[q`i�d��2��J�jGէ��{��׿�m��>��Pk�Am�a��꺿g_D�H��G�G��u�;��7�7�6�Ʊ�q�o��C{��P3��8!9��-?��|��gKϑ��9�w~�Bƅ��:Wt>��ҝ��ˁ��^�r�۽��U��g�9];}�}��_�~i��m��p��㭎�}��]�/��}��.�{�^�=�}��^?�z8�h�c��' The Basic Economic Problem Resources are scarce. View Unit_1_Williams_Model (4).pdf from SCIENCE CP at Mattie T Blount High Sch. endstream endobj startxref 5 0 obj 2. Factors of Production Definition. Define the three factors of production and the differences between physical and human capital. ��1�{��+�IL��='r�?�gf�Ey�տ#M�$V��)�yѠe��|�4.��!�c��31wB��&��co��>��yfN�'Fn�'�x��\b��H�%�笠Y�+I�{gF��I��蝋�WAkKd��޽0��nȯ?>qR�Ŀ��۟�>-��F4�c׬Ě$S�9\y%��u�r�K�. ]F�3��.�Ҍ,F@ڐ��:L�x�4+��s&�6U�� ,/3 They are the inputs for the process of production. ߏƿ'� Zk�!� $l$T��4Q��Ot"�y�\b)��A�I&N�I�$R$)��TIj"]&=&�!��:dGrY@^O�$� _%�?P�(&OJEB�N9J�@y@yC�R �n�X��ZO�D}J}/G�3��ɭ��k��{%O�חw�_.�'_!J��Q�@�S��V�F��=�IE��b�b�b�b��5�Q%��O�@��%�!BӥyҸ�M�:�e�0G7��ӓ�� e%e[�(��R�0`�3R��4��6�i^��)��*n*|�"�f��LUo�՝�m�O�0j&jaj�j��.��ϧ�w�ϝ_4��갺�z��j��=��U�4�5�n�ɚ��4ǴhZ�Z�Z�^0��Tf%��9��-�>�ݫ=�c��Xg�N��]�. Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. x��N�0D�|�+)��8% (h��% We have only got so much We have INFINITE WANTS F A C T O R S O F P R O D U C T I O N The Basic Economic Problem is that resources are scarce but wants >> 579 0 obj <>stream 560 0 obj <>/Filter/FlateDecode/ID[<021C8ACC429BE20C9C581AD05F44779A><170AA2DC5524384BA3086A141E18BF61>]/Index[543 37]/Info 542 0 R/Length 87/Prev 155182/Root 544 0 R/Size 580/Type/XRef/W[1 2 1]>>stream Ⱦ�h��s�2z��\�n�LA"S��dr%�,�߄l��t� Indeed, some economists use the terms re-sources and factors of production synonymously. 2. Vocab: economics, scarcity, shortage, factors of production, capital, entrepreneur 1. Name: Factors of Production & Scarcity Directions: Answer each of the questions below about the factors of production What economic concepts are represented in the production possibilities model? Factors of Production, Scarcity, Choice and Opportunity Cost Revision Blast . 8 /Filter /FlateDecode >> This information Came up on the chief baker's monitor in the kitchen and he assigned it to one of his cooks. stream Explain why scarcity & choice are basic problems of economics. /XObject << /Im1 16 0 R >> >> endobj Learn vocabulary, terms, and more with flashcards, games, and other study tools. stream There are simply never enough resources to meet all our needs and desires. 2. >> >> First, you picked up the telephone and gave your order to the owner that entered it into her Computer. 4. endstream endobj %�� [ /ICCBased 10 0 R ] E. Napp Scarcity and the Factors of Production In this lesson, students will be able to define the This condition is known as scarcity. •Scarcity and Factors of Production PPT and Notes Closing: Discuss closing questions. Classify the Factors of Production you decide to order a pizza to satisfy your wants. Download Free PDF. endobj Homework: Guided Reading 1-2 . stream D��sV�P��8 : �;��(*�Z1x��:HLX8A0�l��V(p�R�x�"6�\u��φ8}d[q �s��F-�螭��,іg�GӍR��9zc�?poWކ��7zIt�l**U$z=�K�馣?��vf�c��(��~�eC٪� �0_Q��?��}&TY/ choose more of something, scarcity forces him/her to take less of something else. 15 0 obj Scarcity and Factors of Production Section 1 A. Every economy has, in varying degrees, vast amounts of different resources, or factors of production. endstream endobj 544 0 obj <>/Metadata 50 0 R/Outlines 65 0 R/PageLabels 539 0 R/PageLayout/OneColumn/Pages 541 0 R/PieceInfo<>>>/StructTreeRoot 98 0 R/Type/Catalog>> endobj 545 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 546 0 obj <>stream Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. (d) There is no real difference between a shortage and a scarcity. << /Length 5 0 R /Filter /FlateDecode >> Let us make an in-depth study of the meaning, definition, types and factors of production. Start studying Economics: Scarcity & the Factors of Production 1.1. h�b```b``fa`a`�\� �� @q� %%EOF The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /TT1 8 0 R • Beyond this effect, the increasing use of international production opportunities based on comparative advantage may lead to a change in the production structure of our economy, which would in turn alter the relative scarcity of production factors, and thus the response of their prices and the prices of final goods to economic shocks. Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. 5.Scarcity is the situation results from 1)utility 2)capital 3)scarcity 4)abundance 6.The situation that results from the gap between wants and resources ... 13.The factor of production known as land includes 1)costs and benefits 2)coincidence of wants 3)factors of production … The factors of production include land, labor, entrepreneurship, and capital. 14 0 obj Document C: Venn Diagram of plots to compare plots chosen Objectives 1. This condition is known as scarcity. �FV>2 u��/�_$\�B�Cv�< 5]�s.,4�&�y�Ux~xw-bEDCĻH��G��KwF�G�E�GME{E�EK�X,Y��F�Z� �={$vr��K�� 4. Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. 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