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Economics 1.1.3 - Coggle Diagram
Economics 1.1.3
opportunity cost
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producers
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could be revenue lost from not marketing, but the investment into machinery could increase productivity
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factors of production
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enterprise
willingness and initiative to use factors of production and bear the risk of production in the hope of making profits
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economic problem
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choices about what to produce, how to produce, how much to produce and for whom to produce