Unit 1 0.0 / 5 ? EconomicsUnit 1IGCSENone Created by: hugobCreated on: 22-09-14 07:57 Problem Unlimeted wants 1 of 18 The earth Limited Resources 2 of 18 The economic problems blank 3 of 18 what to produce -Food -Water -Shelter 4 of 18 how to produce it -Animals -Plants -Water pods -rain -wood -leafs 5 of 18 For whom? -Us -them 6 of 18 Opportunity cost The benefit we would have enjoyed from the next best alternative 7 of 18 Production Possibility Curve (look at picture 1 in folder) The curve represents choices a (nation/firm/person) can make 8 of 18 Note* The curve a;sp represents what you can achieve with 100% effieciency 9 of 18 (do example question 1 in folder) well done buddy 10 of 18 Factors of production Read next cards 11 of 18 Labour of the labour -age -quality -quantity 12 of 18 Land -Natural resources -space 13 of 18 Capital -man made -money(kinda) 14 of 18 Entrepreneurship - a bit of magic -someone with an idea 15 of 18 Economic Systems (look at photo 2 in folder) good job 16 of 18 Advantages and Disadvantages of Free Market Economy (look at photo 3 in folder) 17 of 18 Well Done bud Thanks, SwegMaistro 18 of 18
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