Introduction to Economics Answers

Katrina is starting her own business producing all-natural beverages. She must use to create her product.

The water that she is using to create her beverage line is an example of.

The number of employees required to produce her beverage line is an example of .

The rent money she pays for a factory to produce her beverage line is an example of .

Which of these statements demonstrate the economic concept of scarcity? Check all that apply.All useful resources are limited in their supply.Everyone is able to meet all their wants and needsThe wants and needs of people are unlimited.Resources are scarce, which explains why we are willing to pay for them.A large economy is able to eliminate the effects of scarcity.Because of scarcity, individuals must make choices.

helps businesses allocate resources for their best and most productive uses.

The more a resource, the more costly it will be.

A manufacturer that requires scarce and costly resources is likely to charge for its products.