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Economics Unit 1
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Economic problem
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How to best allocate scarce resources, there are limited resources but infinite wants
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Terms in this set (69)
Economic problem
How to best allocate scarce resources, there are limited resources but infinite wants
Production possibility frontier
the maximum productive potential using all available resources
Opportunity costs
cost of the next best alternative forgone
Specialisation
Where workers are allocated specific tasks within a production process
Division of labour
The breaking down of the production process in to different tasks and each worker focuses on one task
