It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.

Goods made by people to be used specifically to produce goods and services: Tools, office equipment, roads, factories, etc.

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

This is basically the ideas that go into the process of creating a good or providing a service.

An unemployed factory worker is under what factor of production?

The library building on your campus is under what factor of production?

An untapped deposit of natural gas is under what factor of production?

The local power plant is under what factor production?

Rizal Park is under what factor of production?