1.1.3 The Economic Problem

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  • Created by: 13clarken
  • Created on: 18-04-19 12:21
The ... problem is that resources are finite whilst out wants and needs are infinite so we have to choose what, how and who to produce for
Basic Economic
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The ... choices are: Who for, What and How
Three economic
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... resources are used up quicker than they can be replenished
Non renewable
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... resources which can be replaced naturally without all being used. They are regarded as being sustainable as the use of them does not reduce the amount available in the future
Renewable
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... is the loss of other alternatives when one alternative is chosen
Opportunity Cost
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There are 4 factors of .. : Land, Labour, Entrepreneurship and Capital
Production
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... implies that there is only a limited quantity of resources and because of ... there is always an opportunity cost
Scarcity
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Other cards in this set

Card 2

Front

The ... choices are: Who for, What and How

Back

Three economic

Card 3

Front

... resources are used up quicker than they can be replenished

Back

Preview of the front of card 3

Card 4

Front

... resources which can be replaced naturally without all being used. They are regarded as being sustainable as the use of them does not reduce the amount available in the future

Back

Preview of the front of card 4

Card 5

Front

... is the loss of other alternatives when one alternative is chosen

Back

Preview of the front of card 5
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