economic igce 1
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10 Terms
the basic economic problem
where unlimited wants are greater than finite resources
scarcity
situation where there are not enough resources to satisfy everyone’s wants
3 economic questions
what to produce how to produce for whom to produce
resources
inputs used to produce goods and services
economic good
product which requires resources to produce it
free good
product which does not require any resources to make it
factors of production
the economic resources of land, labour, capital, enterprise
consumer goods
goods and services purchased by households for their own satisfaction
enterprise
the ability to organise the factors of production and take risks
entrepreneur
person who organises the factors of production and takes risks to run a business