The reasons for individuals, organisations and societies having to make choices
- Describe what economists mean by "the economic problem"
- Understand the different factors of production as economic resources
- Explain how specialisation can be used to address the problem of scarcity
- Understand the role of markets in allocating scarce resources
- explain what is meant by opportunity cost
- explain how production possibility curves can be used to show scarcity, choice and opportunity cost
- Created by: andrew Smith
- Created on: 25-10-11 20:14
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