Question

scarcity means: *
a. unlimited supply of goods
b. limited resources for unlimited wants
c. a government tax
d. an entrepreneurs success
the resources used to produce goods and services are called: *
a. factors of production
b. goods and services
c. opportunity costs
d. venture capital

Explanation:

Scarcity is defined as limited resources to satisfy unlimited wants in economics. The resources used to produce goods and services are known as factors of production, which include land, labor, capital, and entrepreneurship.

Answer:

For the first question: B. Limited resources for unlimited wants
For the second question: A. Factors of Production