3. Complete the sentences with the most suitable word scarce resources, economics, scarcity, goods and services, efficient, capital goods, factors of production, capital, skills, natural resources, human capital
1. … is when people want more than can be satisfied with available resources.
2. An … economy is one that produces what people want and does so at the least possible cost.
3. Every society must decide what it will produce with its ….
4. Goods and services are produced using the … available to the economy.
5. … are those things found in nature that can be used for the production of goods and services.
6. An economy’s factors of production are scarce; they cannot produce an unlimited quantity of ….
7. Natural resources are fundamental to the production of all goods, including ….
8. In …, factors of production are what is used in the production process to produce output - that is, finished goods and services.
9. … is all the knowledge, talents, …, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in a population.
10. In economics, … consists of an asset that can enhance one's power to perform economically useful work.