A situation that arises when people have unlimited wants in the face of limited resources.
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In decision making, the vaue of the next-best alternative forgone.
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- Clean Water
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Factors of Production
- Land - Natural resources e.g. coal, oil, food. Some are renewable and ther are non-renewable.
- Labour - Human effort involved in production.
- Capital - Manmade aids e.g. machinery, IT.
- Enterprise - Risk and ideas.
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