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  • Hi Class. Today we are going to learn  about  Economics.
  • We already know that Economics means a scientific study of how individuals meet unlimited wats and needs with limited resources.
  • yeah, I'm the smartest one here. Scarcity is limited amounts of goods and services  to meet unlimited wants.
  • stop arguing!
  • yeah well production is the process of making or growing something for sale or use
  • okay class,we are actually going to learn about factors of production
  • I know capital is one of them.
  • Labor and entrepreneur are the last two 
  • The second one is land
  • Okay good I'm glad you know it. Everyone is smart here no need to fight.
  • I'm sorry we will stop and listen to you.
  • Thank you. Now study for your test on Thursday please
  • What is going to be on the test?
  • Great question! The test is going to be about goods and services.
  • Bye!
  • See you tomorrow.
  • Okay. I will study all night. Have a good day.
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