Podcast
Questions and Answers
The FOUR FACTORS OF PRODUCTION are ______, ______, ______, and ______
The FOUR FACTORS OF PRODUCTION are ______, ______, ______, and ______
The idea of scarcity: All countries have a range of resources, such as water, minerals, animals and plants. However, in some countries these resources may be limited or ______ meaning that there is a finite quantity available to be used for economic success.
The idea of scarcity: All countries have a range of resources, such as water, minerals, animals and plants. However, in some countries these resources may be limited or ______ meaning that there is a finite quantity available to be used for economic success.
scarce
When looking at the resources an economy has, we class them as the FOUR FACTORS OF PRODUCTION – ______, Labour, Capital and Enterprise.
When looking at the resources an economy has, we class them as the FOUR FACTORS OF PRODUCTION – ______, Labour, Capital and Enterprise.
Land
Unlimited wants: When making an economic decision we have to distinguish between a need and a ______.
Unlimited wants: When making an economic decision we have to distinguish between a need and a ______.
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Needs are basic ______ requirements.
Needs are basic ______ requirements.
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Consumer goods and services satisfy our ______ and wants directly.
Consumer goods and services satisfy our ______ and wants directly.
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