COLOR THEME ZOOM ADD NOTE The world has a limited amount of resources. Each country has only so much labor (workers), capital (money), and natural resources available to satisfy the unlimited wants and needs of Its citizens. This is the problem of scarcity. Therefore, countries must People hire more workers decide how to use those resources. Different societies make different choices about how to use them. The three basic economic questions each society must answer are: (1) What goods and services should we produce with our limited resources? Prices of goods are always low (2) How should we use our limited resources to produce goods and services? (3) Who will receive the goods and services that are produced? People must make economic choices Because problems arise when one or more of the factors of production are In short supply- People must buy more goods CLEAR ALL