key definitions and concepts considered in the foundation of economics
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Opportunity cost
Economics
Scarcity
key points in foundation of economics
Factors of production (FOP)
Land
Labour
Capital
Entrepreneurship
Production possibility curves/frontiers
(PPC)
Utility
Planned economies
sometimes called centrally planned economies/ command economy
Free market economies
sometimes called enterprise economy / capitalism
How can we measure national income?
Economic growth
Laissez faire
Ceteris Paribus
