1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.
2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable
3 wants
things that you do not need to have in order to survive, but would like to have
needs
things that you must have in order to survive
goods
physical products
services
tasks that a business perform for customers
resources
items that people can use to make or obtain what they need or want
determine
to settle or decide by choice of alternatives or possiblities
4 i really dont know
