Economics worksheet focusing on basic concepts and definitions.

Let’s go step by step to match each term on the left with its correct definition from the right (A–M). We’ll also list the four factors of production as asked.

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Step 1: Understand what each term means

- Scarcity → This is when there aren’t enough resources to satisfy all our wants. That matches E: “Condition that is created by people’s seemingly unlimited wants and relatively limited resources”

- First question in economics → Economists always start with: What should we produce? So that’s G: “What to produce”

- Need → Something you must have to survive, like food or shelter. That’s H: “A basic requirement for survival like foods, shelter, clothing.”

- GDP → Stands for Gross Domestic Product — total value of goods/services made in a country in a year. That’s K

- Factors of production → These are the 4 things needed to make stuff: Land, Labor, Capital, Entrepreneurship. We’ll list them below.

Now let’s assign letters to the numbered lines under “Factors of production”:

We need to pick the definitions that match the 4 factors:

→ Land = natural resources → C

→ Labor = people’s work/effort → A

→ Capital = tools, machines, factories → B

→ Entrepreneurship = risk-takers who start businesses → L

So:

1. Land → C
2. Labor → A
3. Capital → B
4. Entrepreneurship → L

*(Note: The order doesn’t matter as long as all four are listed correctly. But since the worksheet says “list the four factors below,” we can assign them in any logical order — here I’m using the classic order: Land, Labor, Capital, Entrepreneurship.)*

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Next:

- Study of Economics → Definition F: “Study of how people try to satisfy their wants through the careful use of scarce resources”

- Second question in Economics → After “what to produce,” next is “how to produce it” → M

- Want → Something you’d like but don’t need to survive → D

- Third question in Economics → Who gets the stuff? → “From whom to produce” → I

Wait — actually, the third big economic question is usually “For whom to produce?” which matches I: “From whom to produce” — close enough; sometimes worded differently.

But let’s double-check:

Standard 3 questions:
1. What to produce? → G
2. How to produce? → M
3. For whom to produce? → I (“From whom to produce” might be a typo — probably meant “For whom”)

Yes, so I is correct for third question.

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Now let’s write out the full matching:

Left Column → Right Letter

- Scarcity → E
- First question in economics → G
- Need → H
- GDP → K
- Factors of production... [list four] →
 1. Land → C
 2. Labor → A
 3. Capital → B
 4. Entrepreneurship → L
- Study of Economics → F
- Second question in Economics → M
- Want → D
- Third question in Economics → I

Wait — we haven’t used J yet. Let’s check:

J says: “Resources required to produce the things we would like to have” — that sounds like a general definition of factors of production, but we already assigned the specific ones (C, A, B, L) to the four factors. So J is not needed here — maybe it’s a distractor.

Also, note: The worksheet has 9 blanks on the left (including the 4 under factors), and 13 options (A–M). So some letters won’t be used — that’s okay.

Let’s verify every match again:

✔ Scarcity → E ✔️
✔ First question → G ✔️
✔ Need → H ✔️
✔ GDP → K ✔️
✔ Factor 1 (Land) → C ✔️
✔ Factor 2 (Labor) → A ✔️
✔ Factor 3 (Capital) → B ✔️
✔ Factor 4 (Entrepreneurship) → L ✔️
✔ Study of Economics → F ✔️
✔ Second question → M ✔️
✔ Want → D ✔️
✔ Third question → I ✔️

Unused letters: J, and possibly others — but that’s fine.

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Final Answer:

Scarcity → E
First question in economics → G
Need → H
GDP → K
Factors of production:
1. Land → C
2. Labor → A
3. Capital → B
4. Entrepreneurship → L
Study of Economics → F
Second question in Economics → M
Want → D
Third question in Economics → I