Chapter+1+Homework

1.1 Notes
==People cannot have everything they need and want. We need to satisfy our needs before our wants. **Economics** is the study of how people seek to satisfy their needs and wants by making choices. **Goods** are physical objects such as shoes and shirts.**Services** are actions or activities that one person performs for another. **Scarcity**== ==implies limited quantities of resources to meet unlimited wants. A shortage occurs when producers will not or cannot offer goods or services at the current prices.he resources that are used to make all the goods or services are called the factors of production. Land is all natural resources used to produce goods or services. Capital is any human- made resource that is used to produce other goods and services. Human- made objects used to create other goods and services are called physical capital. Human capital is the knowledge and skill a worker gains through education and experience. Entrepreneurs are ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services.==

QUESTIONS # 1- 10
1. Goods are physical objects while services are actions. 2. Because scarcity is being resourceful and could save a lot ofmoney if that is the goal 3. Shortages is when you are forced to think economically, for scarcity you choose too. 4. Land, labor and capital are the factors of production. 5. Physical Capital can save people a lot of money and companies a lot of time and money. 6. Entrepreneurs stimulate revenue for the economy by creating new goods and services. 7. Because the cars are being produced cheaply with a lot of resources. 8. A. Land B. Labor C. Land D. Land E. Labor F. Labor 9. Place of business, supplies to tutor. 10. I think you have to spend money in order to make more so no i do not agree