Trade Offs

A material removed from earth using human labor

Anything that can be used to make something else

When you "source" again and again and again.

Land

Labor

Physical Capital

Scarcity is a state of shortage, in which people don't have enough of an important resource... like food.

Scarcity is when people have been badly beaten up, and so everyone has lots of "scars." Get it, it's like "Scar-city"

According to the principle of scarcity, society ALWAYS has limited resources and so it can never produce all the goods & services people wish to have.

Appleseed

Corn

Knowledge of Central Asian Geography

Diamonds

Smallpox

Copper