Question: REVIEWING KEY CONCEPTS 1. Explain the relationship between the terms in each of these pairs: a. wants b. consumer tic. factors of production scarcity producer

REVIEWING KEY CONCEPTS 1. Explain the relationship between the terms in

REVIEWING KEY CONCEPTS 1. Explain the relationship between the terms in each of these pairs: a. wants b. consumer tic. factors of production scarcity producer entrepreneurship 2. What is the difference between needs and wants? Explain how a need may also be a want 3. How does scarcity affect consumers? Producers ? 4. What services that inowiduels or businesses provide do you use every day

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