Explain the significance of scarcity, economics, need, want, factors of production, land, capital, capital good, labor, entrepreneur, and gross domestic product (gdp)?

Explanation:

Scarcity is the prerequisite for not having sufficient money from government to create all the stuff that people want. Economy is an examination about how people interact with scarcity or seek, through diligent use of relatively scarce commodities, to meet nearly unlimited and profitable needs. Necessity, like food, shelter and clothes, is a fundamental need for life.A choose is what we really want, but we don't have to survive. The development factors are the tools needed to produce what we want. Development considerations include land, money, labor and companies. Land applies to non-people natural resources, like rich lands, ore deposits, forestry and a good crop habitat. Capital applies to the machines, tools, machinery and industrial sectors used to produce goods and services.Labor means the people and that all their energies, abilities and competences. A businessman looking for income is a risk-taker who makes using available resources something fresh. Businesspeople are essential during much of the economic change and inventors. The key gross national product is the dollar amount of every final good, services and structure generated in a given year in a given country. The overall output and financial health of a country is a good measure.