Economic Resources Questions and Answers Graded A

Economic Resources Questions and Answers Graded A wants desire for things that we may or may not actually require (unlimited, changeable, competing) economic resources used by a business to produce goods and services; they enable business to produce what consumers want (natural, human, capital) natural resources become economic when used to produce goods and services; land, water, coal, oil, wildlife/vegetation, weather conditions (non-renewable use alternative) capital resources any manufactured item that is used to produce goods and services; used in production of goods and services; buildings, computers, tools (transform natural with human) human resources responsible for combining the other resources to produce goods and services; usually limited shortages in certain jobs people lack the special training or skills; people are not interested; workforce demographics change; people don't live by oppurtunities work demographics characteristics of people that makeup the workforce; baby boomers, generation x, millennials, generation z, etc. opportunity costs what you give up to gain something else; decisions made by best use of resources (trade-offs) consumption the process or activity of using goods and services (consumer); ultimate goal of economic activity (gov't- new roads, schools, national parks, etc.) 3 basic economic ?'s What products will be produced?; How will products be produced?; How will products be allocated (sold) ? production/producer act of making goods; a business that produces goods