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3. Scarcity by definition is a condition that results by not having enough resources to produce all of the things people would like to have. By using different resources to achieve the same want or need, the problem of scarcity can be reduced. Another way to reduce scarcity is having resources to produce goods or services that satisfy a variety of needs. By adding more goods and services, the scarcity will be reduced.

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3. Explain how resources can be used to solve the economic problem of scarcity.

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2. Economic capital is anything made in order to be useful in the process of producing goods and services. This includes machinery, equipment, and even the factories in which these products are made.

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2. Summarize what economic capital means.

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1. By definition, resources have to be able to produce a product or service, and money can't do that. It is used to acquire productive resources that can produce goods and services.

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1. Explain why money is not a resource.