The Basic Economic Problem

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8 Terms

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Finite resources

Resources that are limited

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Opportunity Cost

The next best alternative forgone

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The problem

We need to allocate resources but have limited resources but unlimited wants and needs.

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Factors of Production

  • Capital

  • Labour

  • Entirprise

  • Land

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Capital

Machinery, infrastructure, hospitals

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Enterprise

Innovation, new businesses

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Land

Natural land, farms

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Labour

Workers