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National 5 Economics Guaranteed Success
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6

november 2024

2024/2025

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National 5 Economics Guaranteed Success Scarcity ️️Scarcity is the basic economic problem. It occurs because we have unlimited wants for goods and services, due to greed. However we have limited resources. Resources are the factors of production. Opportunity Cost ️️A sacrifice made for the next best alternative. Economic Efficiency ️️Producing goods and services that people most want, at a minimal cost. Demand ️️Being willing and able to buy a good or service at a p...
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