The Basic Economic Problem: Unit 1 0.0 / 5 ? EconomicsUnit 1IGCSEOther Created by: BCSCreated on: 27-02-16 12:35 What is the basic economic problem? Scarcity 1 of 6 What are the 4 factors of production? Land, labour, capital and enterprise 2 of 6 What is the reward for capital? Interest 3 of 6 What is opportunity cost? The next best alternative that is sacrificed when a decision is made 4 of 6 What are the 3 main groups that make up the economy? Consumers, producers and the government 5 of 6 What 2 decisions are made by producers? What to produce, where to produce 6 of 6
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