CHA eco

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  • Created by: Lima
  • Created on: 18-09-13 19:04
what is scarcity?
when there are a limited amount of certain resources
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economic goods
are scarce and have an opportunity cost
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free goods
are not scarce and have no opportunity cost e.g air
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rewards for factors of production
land=rent, labour= wages, capital= interest, entrepreneurship= profit
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opportunity cost
the sacrifice of the next best alternative forgone
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1) Factors of production
1) land= all natural resources available for production, 2) labour the skills of the workforce and the quantity of labour they produce
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2) factors of production
, 3) capital= investment in man-made aids to future production including buildings, factories and computers, 4) entrepreneurship= the risk taking role of business undertaken in the pursuit of profit
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Card 2

Front

economic goods

Back

are scarce and have an opportunity cost

Card 3

Front

free goods

Back

Preview of the front of card 3

Card 4

Front

rewards for factors of production

Back

Preview of the front of card 4

Card 5

Front

opportunity cost

Back

Preview of the front of card 5
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