Chapter 2 Scarcity and the World of Trade-Offs

Question

90) What is production? What economic factors are involved in production?

91) Briefly explain the difference between the concepts of scarcity and shortage.


92) Briefly explain the factors of production and give an example of each.

93) Explain why even the most affluent people, businesses and counties never solve the problem of scarcity.

94) Labor, human capital, and entrepreneurship are resources related to human beings. Distinguish among the three resources.


95) Distinguish between scarcity and shortages.

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