the economic problem Flashcards
1
Q
what is the ecoomic problem
A
the economic problem is aboout scarcity and choice
2
Q
what are capital goods
A
these are goods used to make consumer goods and sevices or othr goods
3
Q
list the four factors of producton
A
land
capital
labour
enterprise
4
Q
what is opporunity cost
A
loss of the next best alternative when making a decison
