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Resources are scarce because they are limited.
Scarcity necessitates CHOICES!
Scarcity: Resources are limited and wants are unlimited--this combination makes resources scarce or limited.
Resources:
Land-Physical space often referred to as natural resources
Labor-People working in both physically and mentally intensive jobs. The investment in labor is called human capital.
Capital-Equipment that aids or replaces labor for production.
Entrepreneurial Ability-The person or group of people that organizes labor, land and capital for production
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