All else equal, at a young age, would you rather have a large level of savings or a pool of savings that was increasing at a faster rate? The large level of savings—the value over a long period of time will always end up larger. It depends—if the growth rate on the pool of savings is enough higher than the growth rate on the large level of savings, then over a long period of time the small pool of savings will have a greater value. The pool of savings increasing at a faster rate—the value over a long period of time will always end up larger. It does not matter—the two options will always converge and end up having the same value.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know