The Economic Problem and Factors of Production
- Created by: lizaloo98
- Created on: 05-04-16 22:49
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- The Economic Problem and Factors of Production
- The Economic Problem
- How to best allocate scarce resources to fulfill unlimited needs and wants.
- Factors of Production
- Land
- Natural resources in an economy
- e.g. Carrots
- Natural resources in an economy
- Labour
- The quantity and quality of human resources
- e.g. Farmer
- The quantity and quality of human resources
- Capital
- Man-made aids to production
- e.g. Computer
- Man-made aids to production
- Enterprise
- Someone who bears the risks of the business and who organises production
- e.g. Manager
- Someone who bears the risks of the business and who organises production
- Production: the output of goods and services
- Factor endowment: the stock of factors of production
- Land
- The Economic Problem
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