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If the only pizza restaurant in the area produced 40 pizzas a night and usually sold out quickly, would you be willing to pay more to guarantee that you would get a pizza? A. Definitely B. Possibly C. Definitely not
Name Date Period Questions/Cues Notes: 1-1 Scarcity and the Science of Economics I. Fundamental Economic Problem
scarcity
Name Date Period Questions/Cues Notes: 1-1 Scarcity and the Science of Economics I. Fundamental Economic Problem Societies do not have enough productive resources to satisfy everyones wants and needs. scarcity
Scarcity forces every society to answer the basic questions : What to produce? How to produce?
II. Three Basic Questions Scarcity forces every society to answer the basic questions : What to produce? How to produce? For whom to produce? III. Factors of Production
Land: Paid for with RENTS Labor: Paid for with a WAGE or SALARY Capital: Paid for with an INTEREST RATE
II. Three Basic Questions Scarcity forces every society to answer the basic questions : What to produce? How to produce? For whom to produce? III. Factors of Production Four factors of productionland, capital, labor, and entrepreneursare resources required to produce the things we would like to have. -Land: Paid for with RENTS -Labor: Paid for with a WAGE or SALARY -Capital: Paid for with an INTEREST RATE -Entrepreneur: Paid for with PROFIT
Which of these do you think is the most important factor of production? A. Land B. Capital C. Entrepreneurs
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Prediction
Which of the following does economics describe? A. Jobs B. Taxes C. Government spending
Name Date Period Questions/Cues Notes: 1-1 Scarcity and the Science of Economics I. Fundamental Economic Problem Societies do not have enough productive resources to satisfy everyones wants and needs. scarcity
II. Three Basic Questions Scarcity forces every society to answer the basic questions : What to produce? How to produce? For whom to produce? III. Factors of Production Four factors of productionland, capital, labor, and entrepreneursare resources required to produce the things we would like to have. - Land: Paid for with RENTS - Labor: Paid for with a WAGE or SALARY - Capital: Paid for with an INTEREST RATE
IV. Scope of Economics Economics analyzes how societies satisfy wants through careful use of relatively scarce resources.
Prediction