puilderSECTION 1 AssessmentREVIEWING KEY CONCEPTSECONORhat1. Explain the relationship between the terms in each of these pairs:c. factors of productionentrepreneurshipofa. wantsb. consumerscarcityproducer2. What is the difference between needs and wants? Explain how aneed may also be a want.3. How does scarcity affect consumers? Producers?

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1. Explain the relationship between the terms in each of these pairs: c. factors of production entrepreneurship a. wants b. consumer scarcity producer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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puilder
SECTION 1 Assessment
REVIEWING KEY CONCEPTS
ECONOR
hat
1. Explain the relationship between the terms in each of these pairs:
c. factors of production
entrepreneurship
of
a. wants
b. consumer
scarcity
producer
2. What is the difference between needs and wants? Explain how a
need may also be a want.
3. How does scarcity affect consumers? Producers?

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