Economics Unit one
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- Created on: 01-11-13 22:19
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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
- The economic problem:
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