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What is the Economic Problem
Individuals have unlimited wants but there are limited/scarce resources to tend to those wants
How do we allocate scarce resources to satisfy needs and wants
What is the Central Purpose of Economic Activity
To produce goods and services to satisfy needs and wants
What is Opportunity Cost
The cost of the next best alternative forgone when a decision is made
What are the three economic decisions
What to produce - and how much of each good should be produced
How to produce - How much does each Factor of Production cost and how productive are they
For whom to produce for - Consumers who have purchasing power can benefit from the goods and services produced
What are the four factors of production and what are their rewards
Capital - Interest
Enterprise - Profit
Land - Rent
Labour - Wages
Is the environment considered a scarce resource and why
Yes as we have a mixture between renewable and non renewable resources