Econ 101 csulb midterm correctly answered rated A+

Econ 101 csulb midtermA good - correct answer anything that gives a person utility or satisfaction either tangible or intangible A bad - correct answer gives person disutility or dissatisfaction 4 Resources - correct answer 1. Land 2. Labor 3. Capital 4. Entrepreneurship land - correct answer all natural resources used to produce goods and services Labor - correct answer consists of the physical and mental talents that people contribute to the production process Capital - correct answer consists of produced goods that can be used as inputs for further production Entrepreneurship - correct answer the talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things Scarcity - correct answer the condition in which our wants (for goods) are greater than limited resources available to satisfy (if scarcity didn't exist, the study of economics wouldn't) Economics - correct answer The study of scarcity - the science how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants