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Intro to Economics
Question | Answer |
---|---|
Factors of Production | The economic resources a country needs to produce goods and services successfully. |
Land | All of the natural resources available in a country that can be used to produce goods and services. |
Labour | The people available in a country to help produce goods and services, and the qualifications and skills they have. |
Capital | All of the man-made things that are available to help in the production of goods and services. |
Enterprise | The person who uses creativity to bring together land, labour and capital to produce goods and services. |
Scarcity | The idea that we all have limited resources, but unlimited wants, so have to make choices. |
Economics | The study of how individuals, businesses and governments with limited resources (scarcity) make choices - in order to satisfy their needs and wants. |
Opportunity Cost | The item we decide not to buy when we have a choice based on limited income. |
Financial Cost | How much an item costs to buy in money. |