USA National Standards for Concept "Factors of Production"
National Standard Number: 1
Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others.
Online lessons on US Standard 1 from the National Council on Economic Education Website.
National Standard Number: 3
Different methods can be used to allocate goods and services. People acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services.
Online lessons on US Standard 3 from the National Council on Economic Education Website.
National Standard Number: 6
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
Online lessons on US Standard 6 from the National Council on Economic Education Website.
National Standard Number: 14
Entrepreneurs are people who take the risks of organizing productive resources to make goods and services. Profit is an important incentive that leads entrepreneurs to accept the risks of business failure.
Online lessons on US Standard 14 from the National Council on Economic Education Website.
