Economics Unit one

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  • Economics Unit One
    • The economic problem:
      • The allocation of scarce resources to infinite wants and needs
      • Opportunity Cost: Where the next best alternative is forgone for another good or service
      • Resources are elements which go into the factors of production: Land labour capital and enterprise
        • Land:are all natural resources used in production
        • Labour: All human input into the production of a good or service
        • Capital

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