Basics of economics 1

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  • Basics of economics
    • The economic problem is scarce resources, infinite wants.
    • Economic choice is what we use the scarce resources for
    • Factors of  production: Capital Enterprise   Labour    Land
      • Reward: Profit  Interest   Rent     Wages
    • Specialisation is where someone is best at doing one thing e.g. chef is at cooking
  • Scarce resources is when there is limited resources but many ways they can be used
    • Basics of economics
      • The economic problem is scarce resources, infinite wants.
      • Economic choice is what we use the scarce resources for
      • Factors of  production: Capital Enterprise   Labour    Land
        • Reward: Profit  Interest   Rent     Wages
      • Specialisation is where someone is best at doing one thing e.g. chef is at cooking
  • disposable income is how much money is left after taxation and necsessities
    • opportunity cost is what we miss out on once we buy another good/service
      • Public sector is owned by the government to offer needed services

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