chapter 1 economics

market failure and govt intervention- retake :/

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  • Created by: manpreet
  • Created on: 12-05-11 11:39

Describe what economists mean by the economic prob

The economic problem is the study of how to allocate scarce resources among alternative uses, it involves decision making and choices among alternatives that are available. resources are scarce to us as we do not have money to buy what we want. in relation to our unlimited wants the resources are scarce. and scarcity is faced by forms, governments and economies.

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understand the different factors of production

land

labour

capital

entrepreneurship

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Comments

izzy

quite short. i'd mention something about lack of capitals but that may seem hypocritical.

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