True

Land for factories and stores, people to work in factories and shops, all of the parts for the phones and factories, entrepreneurs to bring it all together

Socialist, communist, capitalist, traditional, mixed

physical land, such as the acres used for a farm or the city block on which a building is constructed

The amount of a product or service that is available (offered for sale) and that consumers are willing to purchase at a particular point in time.

land, labour, capital and enterprise.

. They typically are the first employees of their companies and dedicate their personal financial capital, production capital and labor when beginning a venture

people use their scarce resources to satisfy their unlimited wants.

something that people desire to have, that they may, or may not, be able to obtain

Scarcity

A sacrifice that must be made when choosing how to use resources.

Choices