The Economic Porblem

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  • Created by: Nish
  • Created on: 27-05-13 11:55
The Basic Economic Problem
Scarce resources and unlimited wants
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Opportunity Cost
The alternative that is foregone
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Production Possibilty Curve
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)
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Factors of Producton
Land, Labour, Capital, Enterprise
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Mixed Economy
Allocation of resources provided by private + public sector
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Specialisation
Having more skill in something after having worked on it for so long
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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

Preview of the back of card 3

Card 4

Front

Land, Labour, Capital, Enterprise

Back

Preview of the back of card 4

Card 5

Front

Allocation of resources provided by private + public sector

Back

Preview of the back of card 5
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