part 1

• On a micro level, scarce resources refer to time, money, and opportunities for new experiences.
• On a macro level, there are four resources that societies have to properly allocate.
• Land refers to resources that can be attributed to the land or the sea.
• Land consists of all natural resources, physical land, and even raw materials.
• Labor refers to the tangible human element in the production process
• Labor are the contributions of the workforce, whether physical or mental.
• Capital refers to investments made to improve production.
• Capital can come in the form of physical capital or human capital.
• Physical Capital are physical tools and equipment that make production more efficient
• Human Capital are investments made toward improving the human element of production