Scarcity and Factors of Production Quiz

The FOUR FACTORS OF PRODUCTION are ______, ______, ______, and ______

The idea of scarcity: All countries have a range of resources, such as water, minerals, animals and plants.​ However, in some countries these resources may be limited or ______ meaning that there is a finite quantity available to be used for economic success.​

When looking at the resources an economy has, we class them as the FOUR FACTORS OF PRODUCTION – ______, Labour, Capital and Enterprise.​

Unlimited wants: When making an economic decision we have to distinguish between a need and a ______.​

Needs are basic ______ requirements.

Consumer goods and services satisfy our ______ and wants directly.