|Posted on April 15, 2014 at 10:30 AM|
Scarcity is the economic problem resulting from the limited nature of the four economic resources (factors of production). The scarce economic resources are land, labor, capital, and entrepreneurship. Every society must determine how it will allocate these scarce economic resources.
This No Bull Review video discusses the four factors of production and the resource payments required to obtain the scarce resources.
AP Macroeconomics / AP Microeconomics Unit 1 Basic Economic Concepts