Respuesta :
1. Air, water, and food
2. Prices increase
3. Aftershave, Lipstick, Chapstick, Soap, Etc.
4. If the things we needed to live were so expensive that nobody could afford them, everyone would be dead. Human life doesn't depend on cars, TVs, phones and all the other luxuries.
5. Land, Labor, Capital, and Entrepreneurship
6. They create jobs, they meet demands of the market (give people what they want/need), entrepreneurship promotes efficiency and conserves resources. Agriculture is a good example of this.
2. Prices increase
3. Aftershave, Lipstick, Chapstick, Soap, Etc.
4. If the things we needed to live were so expensive that nobody could afford them, everyone would be dead. Human life doesn't depend on cars, TVs, phones and all the other luxuries.
5. Land, Labor, Capital, and Entrepreneurship
6. They create jobs, they meet demands of the market (give people what they want/need), entrepreneurship promotes efficiency and conserves resources. Agriculture is a good example of this.
1. Some of the basic goods that we need to live are referred to as needs and these are food, clothing, shelter.
2. When there is decline in the production of some of the goods e.g. foods or clothing, this will lead to scarcity and there will be an increase in the prices of goods.
3. Some of the things that are wants but aren't needed to survive are television, aeroplanes, phones etc.
4. Necessities like water are cheaper than luxuries like diamonds because necessities are common and can be easily seen around us unlike diamonds which are rare. Due to their rarity, they command a high price.
5. The resources used by businesses for production include land, labor, capital and entrepreneur.
6. Entrepreneurs are important to an economy as they help in the creation of jobs. This gives job opportunities to people through which the employees can earn a living and be able to make purchases of goods that they need. This also helps in increasing the standard of living of the people and bring about economic growth.
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