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What does SCARCE mean
limited, very little
What do people have to do when things are scarce?
make choices, trade-off
What is a natural resource? Definition
resource from nature
Give an example of a natural resource
tree, oil, water, air
What is a human resource? Definition
resources coming from humans, labor and skills from humans
Give an example of human resources
fast food worker, teacher, police
What is a capital resource? Definition
tools and equipment
Give an example of a capital resource for a construction worker
hammer, screwdriver, nails, etc
Give a capital resource for a teacher
scissors, pen, pencil, etc
What is an entrepreneur
someone starting a business
What is a good? Definition
things made or grown, things you can touch or take with you
What is a service? Definition
work that someone does for someone else
Give an example of a good?
differs
Give an example of a service
differs
What is the different between a good and a service
Goods are things you can touch, services are actions people do
What is a traditional economy?
It is based on customs and traditions
