Scarcity
The economic problem consists in not having enough goods and services to meet the needs and wants of all consumers.In order to better understand this problem, it’s useful to know the factors of production. Producing goods and services means that businesses need to combine the following factors of production:
- Land (raw materials: oil, copper, natural gas, coal)
- Labour (workers and employees)
- Capital (machinery, tools and buildings)
- Entrepreneurship (The availability of taking risk)
Anna Gabbi 3G
