The economic problem Flashcards
1
Q
What are the Factors of Production?
A
Capital
Enterprise
Land
Labour
2
Q
What is the basic economic problem?
A
Scarcity and the idea of scarce resources
3
Q
What does land mean in the factors of production?
A
Natural land like farmland
4
Q
What does capital mean in the factors of production?
A
Man-made aids to production like machiney
5
Q
What does labour mean in the factors of production?
A
human workers that can produce goods and services
6
Q
What does enterprise mean in the factors of production?
A
Business leadership and entrepreneurship
7
Q
What choices have to be made with the economic problem?
A
What to produce
How to produce
For Whom to produce
