illustrates concept of oppurtunity cost - shows all combinations of goods and services that can be produced by an economy give no. of resources and level of technology (shows maximum efficiency)
3 of 6
Factors of Producton
Land, Labour, Capital, Enterprise
4 of 6
Mixed Economy
Allocation of resources provided by private + public sector
5 of 6
Specialisation
Having more skill in something after having worked on it for so long
6 of 6
Other cards in this set
Card 2
Front
The alternative that is foregone
Back
Opportunity Cost
Card 3
Front
illustrates concept of oppurtunity cost - shows all combinations of goods and services that can be produced by an economy give no. of resources and level of technology (shows maximum efficiency)
Back
Card 4
Front
Land, Labour, Capital, Enterprise
Back
Card 5
Front
Allocation of resources provided by private + public sector
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