Capital and land
Scarcity and shortages
Hiring workers to do a job
Building extra space in a factory to simplify production
A person who starts an all-organic cleaning supplies business that employs others.
A person who works as a highly paid computer programmer.
A shortage can be temporary or long-term, but scarcity always exists.
A shortage results from rising prices; scarcity results from falling prices.
Goods and services that are produced from the land
All natural resources used to produce goods and services