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Explain the factors of production?
ā³ Land- place where the business is/earthās resources
ā³ Labour- work done
ā³ Enterprise- entrepreneurs
ā³ Capital- equipment
Why is land a problem?
ā³ There are not enough natural resources to satisfy the demands of eveyone
What is opportunity cost?
ā³ Benefit thatās given up in order to do something else
Why is opportuity cost important?
ā³ To figure out which one is more profitable in the long run
Note 
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