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