Unit 1 - Factors Of Production (FOP)

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Economics

IB Economics (HL)

Introduction to economics

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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

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