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Economics
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Define Economics. Social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. What is scarcity? How is it related to the study of economics? Scarcity is the limitation of resources. This is related to the study of economics because economics is studying how people make decisions based on their unlimited wants with limited resources (scarcity). List the factors of production with an example of each. Factors of Production Land (ex. Forests, oil wells, rivers, ocean) Labor (ex. Professional athlete, lawyer, salesmen) Capital (ex. Factory, transportation, storage, tools) Technology (ex. Phones, laptops, lawn mowers) Management (ex. Organazation/regulation)

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