KNOW Economics Scarcity Opportunity Cost Utility Marginal Analysis Microeconomics Macroeconomics Positive Economics Normative Economics Factors Of Production Land - Natural Resources Labor - Human Resources/ Workers Capital- Tools or skills used to produce goods and services Entrepreneurship - Someone who puts the FOP together to build a business Consumer Goods Capital Goods Production Possibilities Curve Law of Increasing Opportunity CostsBE ABLE TO . . . *Understand and explain the fundamental economic problem (Scarcity). *What are the three basic economic decisions every society must decide
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