Question

a. the choices producers make

1. in economics, natural resources not created by people are called _______________, which

can include _____________ , ___________ , _____________ , and
_____________. these resources are _____________ , or limited in supply.

1. the tools we use to create goods are called _____________ _____________.
2. people, with their abilities and efforts, are called _______________ , which can be

affected dramatically by _____________ and _____________.

1. people who start new businesses or bring new products to market are called

_______________.

b. production possibilities

1. economists use a _____________ ___________ _____________ to

illustrate all possible combinations of outputs.

Explanation:

A. The Choices Producers Make

1.

In economics, natural resources not created by people are called land (or natural resources). Examples of land can include water, minerals, forests, and oil (or other natural resources like air, fertile soil, etc.). These resources are scarce, meaning they are limited in supply.

The tools we use to create goods are called capital goods (or physical capital).

People, with their abilities and efforts, are called labor (or human resources). Labor can be affected dramatically by education (or training) and healthcare (or working conditions, incentives, etc.).

Answer:

First blank: land (or natural resources)
Second - fourth blanks (examples): water, minerals, forests (or other valid natural resources like oil, air, fertile soil)
Fifth blank: scarce

2.