Scarcity

means there are limited resources but unlimited wants. It forces people to make choices.

Scarcity

means there are limited resources but unlimited wants. It forces people to make choices.

Factors of production

these are the resources used to make goods and services: land, labor, capital, and entrepreneurship. They are needed to produce everything.

Natural resources

These are materials from nature like water, trees, and minerals. People use them to make products.

Markets

is where buyers and sellers meet to exchange goods and services. It can be in person or online.

Entrepreneur

is someone who starts and runs a business. They take risks to make a profit.

Productivity

is how much output is made with a certain amount of input. Higher productivity means more goods made with the same resources

Trade-offs

is when you give up one thing to get something else. Every choice has a cost.