1 - What goods do you need to live?

2 - What happens to the price of these needed goods if production declines and there are fewer goods to go around?

3 - What are some things you want (but do not need to survive) ?

4 - Why are some necessities, such as water, cheaper than luxuries like diamonds?

5 - What are some resources businesses need to produce goods?

6 - How do entrepreneurs affect the economy?

Question

Luciana Baldwin

Geography

4 March, 08:44

1 - What goods do you need to live?

2 - What happens to the price of these needed goods if production declines and there are fewer goods to go around?

3 - What are some things you want (but do not need to survive) ?

4 - Why are some necessities, such as water, cheaper than luxuries like diamonds?

5 - What are some resources businesses need to produce goods?

6 - How do entrepreneurs affect the economy?

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Answers (1)

Know the Answer?

Liu · Answer 1

1. Air, water, and food

2. Prices increase

3. Aftershave, Lipstick, Chapstick, Soap, Etc.

4. If the things we needed to live were so expensive that nobody could afford them, everyone would be dead. Human life doesn't depend on cars, TVs, phones and all the other luxuries.

5. Land, Labor, Capital, and Entrepreneurship

6. They create jobs, they meet demands of the market (give people what they want/need), entrepreneurship promotes efficiency and conserves resources. Agriculture is a good example of this.