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Land
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Opportunity Cost
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Capital
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Efficient
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Labor
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Need
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
What are the 3 Economic Questions?
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Scarcity
Produce to ability
The cost of choosing 1 choice over another
Having a limited number of resources
What to produce, How to produce it, Who to produce it for
The work people are paid to do
Anything that is used to produce a good or service.
All the natural resources that are used to produce a good or service.
Air, Water, Food
Check it!