economics- basic concepts and the pcp Questions & Answers
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Course
PCP
Institution
PCP
economics- basic concepts and the pcp Questions & Answers
Economics
It is the study of how people seek to satisfy their needs and wants by making choices
wants
are unlimited
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economics- basic concepts and the pcp
Questions & Answers
Economics - answer It is the study of how people seek to satisfy their needs and
wants by making choices
wants - answer are unlimited
resources - answer are limited
Scarcity - answer It is the basic economic problem. It is a situation that exists when
there are not enough resources to meet human wants.
factors of production - answer land, labor, capital, entrepreneurship
land - answer All natural resources used to produce goods and services.
Oil, minerals, land, trees, etc.
labor - answer All the human time, effort, and talent used to produce goods and
services.
ex: workers and their skills
Capital - answer Any human-made resource that is used to produce other goods and
services.
ex: Factories (plants), equipment, machinery, etc.
Entrepreneurs - answer Individuals who use the other factors of production to
produce a product.
They are innovative and take risks
Choices - answer We must choose because resources are limited.
A variety of goods and services are provided based on the utilization of those limited
resources.
Trade-offs - answer All the alternatives that we give up whenever we choose one
course of action over another
opportunity costs - answer The next best alternative given up when a choice is made
TINSTAAFL - answer There is no such thing as a free lunch
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