What is the difference between a good and a service?
The difference between goods and service is goods are physical objects and services are actions or activities thatone person performs for another.


Why is the idea of scarcity a starting point for economic thinking?
Scarcity is a starting point for economic thinking because all items produced are scarce and it implies limited quantities or resources to meet unlimited wants.

How is scarcity different from shortages?
A shortage occurs when producers will not or cannot offer goods or services




Describe the three factors of production.
The three factors of productions is Land which refers to all natural resources used to produce goods and services. Labor which is the effort that a person devotes to a task for which that person is paid.

What role do entrepreneurs play in the economy?
The entrepenuer is the person who assembles the factors of production to create new goods and services.