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Scarcity and choice (Rewards (Labour=wages :!:, Capital=interest :!:,…
Scarcity and choice
Rewards
Labour=wages :!:
Capital=interest :!:
enterprise=profit :!:
Land=rent :!:
important points to consider
resources are scarce
must use resources efficiently
Economics
government, businesses and people making decisions.
land
Provided with help of nature (water)
labour
People involved (Factory workers)
capital
Physical items used in the making of the product (machinery)
enterprise
business ( The company)
choices that satisfy your needs.
resources
Factors of production