Draw a picture representing a capital good used at school. Also, identify examples of capital goods used to produce a good or service in their community. Human capital refers to the quality of labor resources, which can be improved through investments in education, training, and health. Give examples of how to improve their human capital. Explain how an athlete invests in his or her human capital.
Entrepreneurs are people who organize other productive resources to make goods and services.
Select an entrepreneur and identify the productive resources the entrepreneur uses to produce a good or service. People who make goods and provide services are called producers. Identify producers of five different types of goods and five different types of services. Scarcity is the condition of not being able to have all of the goods and services that one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.