||the fundamental economic problem of having unlimited human wants in a world of limited resources.
||actions or activities that one person performs for another
|factors of production
||land, labor, and capital are all factors of production.
||the effort that a person devotes to a task for which they are paid
||knowledge and skills a worker gains through education and experience
||physical objects such as shoes and shirts
||when producers will not or cannot offer goods or services at the current prices. This is not the same as scarcity.
||Economists use the word land to refer to all natural resources used to produce goods and services
||human-made objects used to create other goods and services. Examples: buildings, tools, machinery