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Scarcity and the Science of Economics Key Terms scarcity, economics, need, want, factors of production, land, capital, financial capital, labor, entrepreneur, production, Gross Domestic Product (GDP) Objectives After studying this section, you will be able to: 1. Because of scarcity people cannot have everything they want. Marketing and the Marketing Concept Graphic Organizer Draw an umbrella shape to organize the marketing ... Marketing Essentials Chapter 1, Section 1.2 . Statement 1. Textbook Authors: Stewart, James; Redlin, Lothar; Watson, Saleem, ISBN-10: 1305071751, ISBN-13: 978-1-30507-175-9, Publisher: … Meteorologists can predict severe weather in time for people to get out of the way. 2. a way of transferring information from a globe to … People must make choices to satisfy their needs and wants. Statement Explanation 1. 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