1. What is scarcity? 2. What two characteristics make something scarce?
3. What is an example of a scarce land resource?
4. What is the typical relationship between scarcity and price?
5. What is the difference between scarcity and a shortage of a good/service?
6. Provide an example for each of the four productive resources (factors of production).
7. What risks do entrepreneurs take when starting a business?
8. What is the primary factor that influences entrepreneurs to take risks?
9. What other factors influence entrepreneurs to take risks?
10.What is opportunity cost?