The Basic Economic Problem 0.0 / 5 ? EconomicsThe Basic Economic ProblemASOCR Created by: ajshala1Created on: 21-09-18 15:15 a consumable item that is useful to people but scarce in relation to it's demand. economic good 1 of 18 wants are unlimited but resources are finite basic economic problem 2 of 18 based on opinion rather than facts normative 3 of 18 basic necessities to survive needs 4 of 18 make choices about expenditure and influence the economy through regulation and taxation government 5 of 18 the shortage of resources in relation to the quantity of human wants scarcity 6 of 18 can be tested with facts positive 7 of 18 produce output of goods and services to maximise profits firms 8 of 18 items which are naturally in abundant supply free good 9 of 18 reward for enterprise profit 10 of 18 demand and spend money on goods and services households 11 of 18 goods that can be used in the production process capital 12 of 18 someone who takes risks, innovates and manages the factors of production enterprise 13 of 18 reward for land rent 14 of 18 the use of natural resources land 15 of 18 reward for capital interest 16 of 18 the human workforce on an economy labour 17 of 18 reward for labour wages 18 of 18
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