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Uploaded by jessicanaude.jn

HOMEWORK

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THE BASIC ECONOMIC PROBLEM
1. Explain the difference between a need and a want. Give examples:
2. What are the 4 factors of Production?
3. What is the basic Economic problem?
4. What does the following words mean? Give an example
4.1 Opportunity cost
4.2 Goods
4.3 Finite
4.4 Infinite
4.5 Production possibility curve
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