TOPIC 1: Managing scarce resources

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  • Created by: james
  • Created on: 29-03-13 13:10

TOPIC 1: MANAGING THE ECONOMY

  • What is the basic economic problem?
    And how do we resolve this? 
  • Define opportunity cost
  • What are the four economic resources and what factor results are there?
  • Define the PPF
  • How does an economy reach the PPF?
  • Define factor

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