What is the basic economic problem?
Scarcity
Debt
What is opportunity cost?
The next best alternative forgone
A limited resource
What are the 4 factors of production?
Enterprise, Labor, Capital, Money
Land, Labor, Enterprise, Money
Money, Enterprise, Capital, Land
Capital, Land, Enterprise, Labor
Specialisation is.... the process in which individuals, firms and countries focus on just one area of production.
Does division of labor decrease productivity?
The advantages of specialisation are? (3)
Increased productivity
Reduces time spent on tasks
Increases worker morale and motivation
Makes it easier to train workwes
Increases worker flexability
What are the disadvantages of specialisation? (3)
It facilitates the use of automation
Decreases worker morale
Can result in a fall in staff productivity
Increases time spent on tasks
Worker flexibility drcreases
What is a PPF?
A diagrammatic illustration if the concept of scarcity
Production Possibility Frontier
The PPF shows the production potential of an economy given existing resources
Which diagram is correct
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