Unit 1 - Factors Of Production (FOP)
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what are the factors of production
Land Labour Capital Entrepreneurship
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Land
natural resources
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Labour
Workers
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Capital
manufactured resources/infrastructures
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Entrepreneurship
combining the FOPs
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Acronym
CELL
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different types of goods
economic goods vs free goods
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economic goods
produced using scarce resources
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Problem with FOPs
limited FOP leads to scarcity leads to choice leads to opportunity cost
Note 
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