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Who is an Entrepreneur?
What is an 'economic problem'?Problems that arise due to:
These scarcity in resources causes wants and needs not to be met - hence businesses only produce what they can with the resources they have. This means they would have to choose what they can produce, letting go of the idea of not producing something else that could also be very important to be produced = this is called Opportunity Cost. |
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September 2019
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