At any moment in time, there is a finite amount of resources available. [7A�\�SwBOK/X/_�Q�>Q�����G�[��� �`�A�������a�a��c#����*�Z�;�8c�q��>�[&���I�I��MS���T`�ϴ�k�h&4�5�Ǣ��YY�F֠9�=�X���_,�,S-�,Y)YXm�����Ěk]c}džj�c�Φ�浭�-�v��};�]���N����"�&�1=�x����tv(��}�������'{'��I�ߝY�)� Σ��-r�q�r�.d.�_xp��Uە�Z���M׍�v�m���=����+K�G�ǔ����^���W�W����b�j�>:>�>�>�v��}/�a��v���������O8� � FOP.Allocation 2014.2015.notebook 2 August 20, 2015 Aug 29­8:44 AM 1. Scarcity and Factors of Production Section 1 A. The resources (also called inputs or factors of production… (a) A shortage can be temporary or long -term, but scarcity always exists. endobj OC. View 04._Production_possibility_curves.pdf from BUSI 202 at University Of Charleston. << /Length 14 0 R /Filter /FlateDecode >> Factors of Production. These are the various factors by mean any resource is transformed into a more useful commodity or service. &D$�"*fQ$II�"F�1'�b�I�� 9Ý��S{Ͱ����su�(��"�(�@QG`޼y;v|P�E@�q2dȖ��N�v%�OP� /XObject << /Im1 16 0 R >> >> Indeed, some economists use the terms re-sources and factors of production synonymously. 2. They are the inputs for the process of production. The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. This condition is known as scarcity. Meaning of Production: . �0/a(aVb��-�2�pi @���"A� 5F&��bc�0�g-��5�����2�Œ� ����ʃ��2�����UT�A���OOa�|���0JUp6=�(e`�7�Y����痊���u-�tu��yz\7%i�a�'���hW�����K-9��aU���Kp��(�Mw�5��`ZEi�4Ξ���x�7�~�(��ɲ���IT���f"\����G��,�q�d�G�9�6�V��M���U�:����8_��4^�3��)j�ͿO�g�2� The factors of production are more suitable in the production of good Y. 2. 11 0 obj 2612 The Factors of Production . F�7g�a3 << /Length 11 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> 217 typically called factors of production. Learn about the “Factors of Production” and how it pertains to the Homestead Act. The various factors of production refer to the inputs used in the production of goods and services. 50 60 when consumers want more of an item 10 0 obj ��K0ށi���A����B�ZyCAP8�C���@��&�*���CP=�#t�]���� 4�}���a � ��ٰ;G���Dx����J�>���� ,�_“@��FX�DB�X$!k�"��E�����H�q���a���Y��bVa�bJ0՘c�VL�6f3����bձ�X'�?v 6��-�V`�`[����a�;���p~�\2n5��׌���� �&�x�*���s�b|!� Chapter 1 section 1 ECONOMICS. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Vocab: economics, scarcity, shortage, factors of production, capital, entrepreneur 1. >> ��1�{���+�IL��='r�?�gf�Ey�տ#M�$V���)�yѠe��|�4.��!�c���31wB���&��co��>���yfN�'Fn�'�x��\b��H�%�笠Y�+I�{gF���I���蝋�WAkKd��޽0����nȯ?>qR�Ŀ����۟�>-��F4�c׬Ě$S�9\y%��u�r�K�. They are the starting point of the production process. Ⱦ�h���s�2z���\�n�LA"S���dr%�,�߄l��t� ... 3/2/17 LECTURE 2- PPC Analysis: Scarcity, Choice and Opportunity Cost REQUIRED READING(S): Micro Economics; Parkin and Bade (First Edition, 2016) Ch 3. 560 0 obj <>/Filter/FlateDecode/ID[<021C8ACC429BE20C9C581AD05F44779A><170AA2DC5524384BA3086A141E18BF61>]/Index[543 37]/Info 542 0 R/Length 87/Prev 155182/Root 544 0 R/Size 580/Type/XRef/W[1 2 1]>>stream Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. Capital includes items such as The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. endobj What economic concepts are represented in the production possibilities model? %��������� 2. The factors of production include land, labor, entrepreneurship, and capital. Learn vocabulary, terms, and more with flashcards, games, and other study tools. endobj endstream A1�v�jp ԁz�N�6p\W� p�G@ Explain the fundamental economic problem. endobj Write the letter of the correct answer in the blank provided. �FV>2 u�����/�_$\�B�Cv�< 5]�s.,4�&�y�Ux~xw-bEDCĻH����G��KwF�G�E�GME{E�EK�X,Y��F�Z� �={$vr����K���� endstream 2 0 obj Key Terms and Concepts Directions: Match the terms with the descriptions. x���N�0D�|�+)����8% (h��% Scarcity.TO. Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. 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