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Economics- The Fundamental Economic Problem

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kushagramodi56's version from 2015-05-11 17:18

Section

Question Answer
What are the 4 FOPsLand, Labour, Capital and Enterprise
What is landNaturally occurring resources e.g. land, oil gas and raw gold
What is labourWorking population's physical and mental contributions
What is capitale.g. factory, machinery, tools e.t.c. used in production
What is enterpriseRisk taker co-ordinating other FOPs
What is reward for landRent
What is reward for labourWages
What is reward for capitalInterest
What is reward for enterpriseProfit
What is opportunity costNext best alternative sacrificed when making economic choice
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