Scarcity and the Factors of Production SECTION 1 A. The Scarcity Assumption, Economic Problem and the Definition of Economics Revisited ... Limited Factors of Production (Resources) + (Unlimited Wants) = Scarcity Scarcity is also causes resources have value, sacrifice is necessary to get it. CFU Factors of production + scarcity = economics Economics: The study of scarcity and how scarcity affects the world around us FACTORS OF PRODUCTION Land Labor Capital (human, physical, financial) Entrepreneur FACTORS OF PRODUCTION Land: all natural resources. Scarcity and Factors of Production Section 1 A. ��� �g��;|}��R�h5����d�[_o��Bwy������)��2�F�ͤ8x*�+K@(��pިf�6,�c-�5����H-(�psG��A�p�A�m��Kr�Kn�E�oA�{�÷_��I����L�]h�i-���=�7��K�qV&M�")���%*�`��h�}�G�i�_�Ʒ��Xox2�^�{���g���Χf���A�?���7]�3�s9���=�_����O3F�;�{�RJ���/�h���ֶBn umAIwo��7����֜�-��P�-�1Ʊ����� Explain how scarcity affects the factors of production. &D$�"*fQ$II�"F�1'�b�I�� 9Ý��S{Ͱ����su�(��"�(�@QG`޼y;v|P�E@�q2dȖ��N�v%�OP� There are simply never enough resources to meet all our needs and desires. 15 0 obj Define the three factors of production and the differences between physical and human capital. 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Segment 1 of The Production Possibilities Frontier uses the fictional economy of Econ Isle to discuss how limited resources result in a scarcity problem for the economy. 2. x���N�0D�|�+)����8% (h��% They are the starting point of the production process. ��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|!� Capital includes items such as View Unit_1_Williams_Model (4).pdf from SCIENCE CP at Mattie T Blount High Sch. They are the inputs for the process of production. 1. The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. 2. endobj %PDF-1.5 %���� Review of Economic Principles • Explain relationship between scarcity and choices • Differentiate between �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� This condition is known as scarcity. Factors of production are the inputs needed for the creation of a good or service. 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O*��?�����f�����`ϳ�g���C/����O�ϩ�+F�F�G�Gό���z����ˌ��ㅿ)����ѫ�~w��gb���k��?Jި�9���m�d���wi獵�ޫ�?�����c�Ǒ��O�O���?w| ��x&mf������ _____ 1. limits the supply of the factors of production a. economics _____ 2. work for which a person is paid b. goods _____ 3. endobj 8 /Filter /FlateDecode >> Let us make an in-depth study of the meaning, definition, types and factors of production. The various factors of production refer to the inputs used in the production of goods and services. 6 0 obj endobj endstream endobj 544 0 obj <>/Metadata 50 0 R/Outlines 65 0 R/PageLabels 539 0 R/PageLayout/OneColumn/Pages 541 0 R/PieceInfo<>>>/StructTreeRoot 98 0 R/Type/Catalog>> endobj 545 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 546 0 obj <>stream 122 (��E ��Έ�5� ;1��֊�����������&�6[h�bW�[۱k3��K� Y h�b```b``fa`a`�\� �� ��@q� The Factors of Production In order to better understand how we make decisions regarding scarcity and choice, it is important to understand how goods and services are produced. 1. SS.912.E.1.1 Identify factors of production and their necessity to making goods and … 2. 4 0 obj Identify land, labor, & capital as the 3 factors of production, & identify the 2 types of capital. (a) A shortage can be temporary or long -term, but scarcity always exists. ��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$S�9\y%��u�r�K�. This condition is known as scarcity. [0 0 1024 768] >> choose more of something, scarcity forces him/her to take less of something else. h�bbd``b`�� "H���"@�e@���-���X�A�t�Hx?&�@�!H� ���ց��N���=@� �� < Key Terms and Concepts Directions: Match the terms with the descriptions. stream 11 0 obj Download Full PDF Package. The factors of production include land, labor, entrepreneurship, and capital. /XObject << /Im1 16 0 R >> >> 2 0 obj 560 0 obj <>/Filter/FlateDecode/ID[<021C8ACC429BE20C9C581AD05F44779A><170AA2DC5524384BA3086A141E18BF61>]/Index[543 37]/Info 542 0 R/Length 87/Prev 155182/Root 544 0 R/Size 580/Type/XRef/W[1 2 1]>>stream E�6��S��2����)2�12� ��"�įl���+�ɘ�&�Y��4���Pޚ%ᣌ�\�%�g�|e�TI� ��(����L 0�_��&�l�2E�� ��9�r��9h� x�g��Ib�טi���f��S�b1+��M�xL����0��o�E%Ym�h�����Y��h����~S�=�z�U�&�ϞA��Y�l�/� �$Z����U �m@��O� � �ޜ��l^���'���ls�k.+�7���oʿ�9�����V;�?�#I3eE妧�KD����d�����9i���,�����UQ� ��h��6'~�khu_ }�9P�I�o= C#$n?z}�[1 14 0 obj 2. There is a limited amount of crude oil in the world. 2. [ /ICCBased 10 0 R ] The factors of production are more suitable in the production of good Y. Explain why economists say all resources are scarce. x��wTS��Ͻ7��" %�z �;HQ�I�P��&vDF)VdT�G�"cE��b� �P��QDE�݌k �5�ޚ��Y�����g�}׺ P���tX�4�X���\���X��ffG�D���=���HƳ��.�d��,�P&s���"7C$ This episode of our podcast series, The Economic Lowdown, discusses the factors of production. 5.Scarcity is the situation results from 1)utility 2)capital 3)scarcity 4)abundance 6.The situation that results from the gap between wants and resources ... 13.The factor of production known as land includes 1)costs and benefits 2)coincidence of wants 3)factors of production … �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���� OC. Explain the role of entrepreneurs. endstream Capital refers to the improvements made to natural resources. 543 0 obj <> endobj %PDF-1.3 13 0 obj 2. (b) A shortage results from rising prices; a scarcity results from falling prices. 7 0 obj A1�v�jp ԁz�N�6p\W� p�G@ • Beyond this effect, the increasing use of international production opportunities based on comparative advantage may lead to a change in the production structure of our economy, which would in turn alter the relative scarcity of production factors, and thus the response of their prices and the prices of final goods to economic shocks. This is where the concept of the factors of production comes in: The Factors of Production are classifications of what goes into the making of a good or service. typically called factors of production. First, you picked up the telephone and gave your order to the owner that entered it into her Computer. The total quantity, or stock, of resources that an economy has determines what that economy can produce. What economic concepts are represented in the production possibilities model? 16 0 obj Download Free PDF. Download Free PDF. Explain the fundamental economic problem. Homework: Guided Reading 1-2 . 5 0 obj Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Write the letter of the correct answer in the blank provided. Chapter 1 section 1 ECONOMICS. The Basic Economic Problem Resources are scarce. Scarcity. Factors of Production Definition. The resources (also called inputs or factors of production… Discuss the relationship for an individual and for a society. Factors of Production. endobj Labour includes all mental and physical effort exerted by human beings, 3. Scarcity implies that not all of society’s goals can be pursued simultaneously, as the many different kinds of resources (production factors) are available only in limited amounts. Scarcity. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Start studying Economics: Scarcity & the Factors of Production 1.1. << /ProcSet [ /PDF /ImageB /ImageC /ImageI ] /ColorSpace << /Cs1 7 0 R >> [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� � D���sV�P��8 : �;�������(*�Z1x���:HLX8A0�l���V(p�R�x�"6�\u��φ8}d[q �s���F-�螭��,іg�GӍR�������9zc�?poWކ���7zIt�l**U$z=�K�馣?��vf�c��(��~�eC٪� �0_Q����?��}&TY/ ]F�3��.�Ҍ,F@ڐ������:L�x�4+��s&�6U�� �,/3 FOP.Allocation 2014.2015.notebook 2 August 20, 2015 Aug 29­8:44 AM 1. 1) LAND 2) LABOUR 3) CAPITAL 4) ENTERPRISE In general terms, Factors of Produc:on are the “stuff” used to make “things”. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. Indeed, some economists use the terms re-sources and factors of production synonymously. View 04._Production_possibility_curves.pdf from BUSI 202 at University Of Charleston. Document C: Venn Diagram of plots to compare plots chosen Objectives 1. What is the relationship between wants, factors of production, scarcity, and choices? 4�.0,` �3p� ��H�.Hi@�A>� The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. Describe what entrepreneurs do. Since the primary purpose of economic activity is to produce utility for individuals, we count as production during a time period all activity which either creates utility during the period or which increases ability of the society to create utility in the future. 4. endobj Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. Every economy has, in varying degrees, vast amounts of different resources, or factors of production. << /Length 17 0 R /Type /XObject /Subtype /Image /Width 412 /Height 305 /Interpolate Start studying Scarcity and the factors of production. xE��� E�~��xP|�ͺ�����&���K�`�r�sr,�>C���p���b����-�0����hȸ�=����f�G��,�yG��U��1N��Ȉ�\N/�!�H�"� Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. << /Length 11 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> Vocab: economics, scarcity, shortage, factors of production, capital, entrepreneur 1. 0 Key Terms and Concepts Directions: Match the terms with the descriptions. The factors of production are land, labor, capital, and entrepreneurship. Students will understand how scarcity … >> 579 0 obj <>stream Explain why scarcity & choice are basic problems of economics. Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices. F�7g�a3 ... 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. �� ~��s��u��z������>|���"�q��慲e�bQv�С_�~[�S>T��1z(��"P���nD���!4��t颜V��K��(�#���;>��(;�i;�|ioE w��r�GsE`�B@9mǚ/��"�䎀rZ��h�"��X(��X�U��PN��U��k�����"�;�i�㣹��"�c!���c͗�VPrG@9-w|4WPv,��v���� (c) A shortage is a lack of all goods and services; a scarcity concerns a single item. 10 0 obj endstream endobj 547 0 obj <>stream 2612 E. Napp Scarcity and the Factors of Production In this lesson, students will be able to define the 50 60 when consumers want more of an item ��2:�j��ț30ԙi�ij��ۭ���AT� j���ʰ7��ڂ��"��Њ�h�`� c�0��р��]�L�J�4?�mg�gR�!�!�����Q�)���}UH�����. This information Came up on the chief baker's monitor in the kitchen and he assigned it to one of his cooks. Scarcity.TO. Scarcity is when the means to fulfill ends are limited and costly. Document B Homestead Act Review/ Factors of Production - 2 sided document. %��������� 3. 217 Ⱦ�h���s�2z���\�n�LA"S���dr%�,�߄l��t� stream Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. Learn about the “Factors of Production” and how it pertains to the Homestead Act. There are simply never enough resources to meet all our needs and desires. endobj (d) There is no real difference between a shortage and a scarcity. stream << /Type /Page /Parent 3 0 R /Resources 15 0 R /Contents 13 0 R /MediaBox << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /TT1 8 0 R Classify the Factors of Production you decide to order a pizza to satisfy your wants. 1. Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. 12 0 obj There are three major factors of production: 1. The Factors of Production . %%EOF At any moment in time, there is a finite amount of resources available. endobj These are the various factors by mean any resource is transformed into a more useful commodity or service. Anything that helps in production is the factor of production. endstream x��E�I� Meaning of Production: . We have only got so much We have INFINITE WANTS F A C T O R S O F P R O D U C T I O N The Basic Economic Problem is that resources are scarce but wants To put it in different terms, the factors of production are the inputs needed for supply. >> >> H�|�݋�@���W��،�/Ac�M骘�C���XSVSԲ��Q�t�!�c��9���x���ToV� ���h2M�|(8�. Production 1.1 and a scarcity results from falling prices not force people to make an profit. 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