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Economics basics (The PPC ( production possibilities curve / frontier)…
Economics basics
Factors of production
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Capital
Machine, tools, equipment, factories
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Ceteris Paribus
When an economic theory is studied, only one variable is chnaged all others remain constant / unchanged.
Scarcity
The condition of being limited in relation to the wants and needs of humans. FOP's are SCARCE whereas, human WANTS or NEEDS are INFINITE
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