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302: Scarcity, Choice and Opportunity Cost
303: Resources: factors of production (FOP) or Inputs
304: Needs and Wants
305: Consumer goods
306: Capital goods
307: Factors of Production
308: The Economic Problem
309: Wealth
310: Capital
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301: Petrochemicals
Crude Oil: Is a mixture of hydrocarbons
Molecular Formula
C4H10
Graphical Formula
Carbon atoms can join up in chains, branched chains, or rings. (Note: I may add the images for these)
Physica..
302: Scarcity, Choice and Opportunity Cost
Scarcity: limited resources required to satisfy our (human) wants. Resources are insufficient in supply
Choice: choose between different alternatives/possibilities
Opportunity cost: the ..
303: Resources: factors of production (FOP) or Inputs
Labour
- Capital
- Enterprise
Land: the land, all that is underneath, and all that ..
304: Needs and Wants
The goods and services that we needs are things necessary for survival.
Goods and services that we WANT may bring pleasure but they are not necessary for us to survive.
..
305: Consumer goods
Satisfies people's WANTS directly
- Some are single-use that give immediate satisfaction e.g. food, cosmetics
- ..
306: Capital goods
Do not satisfy our NEEDS directly, but help in the production of other goods and services
- Capital goods are man-made
- &n..
307: Factors of Production
Economic Resource (input) | Reward/Income of..
308: The Economic Problem
Unlimited consumer wants are greater than the quantity of FOP available to produce goods and services goods + services are scarce consumers cannot satisfy all their wants..
309: Wealth
Social wealth
- Assets owned by the gov. for the benefit of the general public (e.g. schools, weapons, roads, hospitals, etc.)
Private wealth
-&nb..
310: Capital
Fixed capital
- the
amount of fixed capital will not change with the amount of output (i.e.
a machine will not change if it produces more. One mac..
Page 31 of 42
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