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Chapter 31

Time For Business - 1st Year

TermDefinition
Economics Is a social science that studies how people with limited resources make choices in order to satisfy their needs and wants
Economic resources Are the factors or inputs used to produce and distribute goods, services and wealth
A rational choice Is one where the expected gains outweigh the expected losses
The Factors of Production Land, Labour, Capital and Enterprise
Factors of Production Are the economic resources needed to produce the goods and services we need and want
Supply Is the quantity of a resource that is available at a given time or price
Created by: Sarah C. Lynch
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