Due to scarcity of resources
Every society must undertake central planning
The government must decide how to allocate the available resources
Some members of each society only can live
Every society must choose among competing uses of available resources
Capital means
Nature's Wealth
Goods and Services
Organisation
Building and Machinery
Production refers to
Destruction of Wealth
Creation of Utilities
Exchange Value
Equilibrium
The supply of labour in an economy at very high real wages.
Increases
Decreases
Remains Constant
Equality
Economics is the study of
Production Technology
Consumption Decisions
How society decides what, how and for whom to produce
The best way to run society
Utility is a __________ concept.
social concept
subjective / psychological concept
potential concept
scientific concept
Which is not a factor of production?
Land
Labour
Car
Capital
