[SS2010] ECON (12) 1 :
1 ) Explain why productive resources are limited and why individuals, businesses, and governments have to make choices in order to meet needs and wants.
Explaining scarcity as a basic condition that exists when unlimited wants exceed limited productive resources
Explaining land (an example of a natural resource), labor (an example of a human resource), capital (an example of a physical or human resource), and entrepreneurship to be the factors of production
Explaining opportunity cost as the next best alternative to relinquish when individuals, businesses, and governments confront scarcity by making choices