The basic economic problem
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Last updated 5:33 PM on 10/16/24
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24 Terms
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the basic economic problem
finite resources, unlimited wants
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economic
a good that requires resources to produce, making it have opportunity cost
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free good
a good that does not require resources to produce it, no opportunity cost
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four factors of production
land, labour, capital and enterprise
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land
gifts of nature available for production
rent
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labour
human made efforts used in producing goods and services
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capital
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Note 
Flashcards (21)