Economics · Unit 1 · The basic economic problem · The basic economic problem
Classify the factors of production (land, labour, capital and entrepreneurial ability) and link these to income (rent, wages, interest and profit).
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Analyse and evaluate the production possibility curve to show the effects of different economic events, e.g. improvements in health, education or productivity of labour, asymmetric technology advances, war and famine.
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Create responses that communicate economic meaning using data, information, graphs and diagrams in paragraphs and extended responses to suit the intended purpose. Economics 2025 v1.4