Basics of economics 1
- Created by: Matty'
- Created on: 03-12-13 16:37
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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
- Basics of economics
- 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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