scarcity

Question 1

what is scarcity

Answer 1

scarcity means that there are unlimted wants and needs but limited resoucres, therefore pople must make choices

Question 2

what does CELL stand for

Answer 2

C- capital ( capital resources)
E- enterprise ( all of the above)
L - Land ( natural resources)
L - Labour ( human resoucres)

Question 3

what are the 3 types of resorces

Answer 3

natural resorces
human resources
capital resources

Question 4

describe natural resources

Answer 4

things that can be considered “ gifts from nature”, e.g. Air, water, minerals, energy resources. any resource supplied from the nautral environment

Question 5

describe human resources

Answer 5

The quality and quantaty of human labour
this can further be divivded into labour (physical and mental effort to produce a good or service) or enterprise ( the coordination and management of production by an entreprenuer)

Question 6

describe capital resources

Answer 6

humna made resources that assist humans resources in the production of goods and services.
e.g a krane used to install a pool

Question 7

summerize the overall economic problem

Answer 7

there are unlimited needs and serivices but only limited resources to satisfy them.

Question 8

what is opportunity cost

Answer 8

opportunity cost is the value of the next best alternative forgone when making a choice.