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Strand 3 - Chapter 33. Scarcity and Choice Scarcity and Choice (Factors of…
Strand 3 - Chapter 33. Scarcity and Choice 
Economics
Economics
The study of how people, businesses and governments with limited resources make choices to satisfy their needs and wants.
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Factors of Production
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Capital
The objects involved when making a product or service. This includes buildings, cars, computers etc.
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Enterprise
Enterprise: When land, labour and capital are all brought together to form a business. This involves a person having an idea and taking a financial risk.
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