Reflection TIme

K What I Know

Scarcity: Scarcity is the situation when there is an insufficient amount of resources to produce all goods needed to satisfy human wants.

Choice: It is possible and necessary for individuals and societies to make choice on how to satisfy their wants because resources have alternatives uses.

Opportunity Cost: The opportunity of using it for some other purpose is lost when a choice is made to use a resources for a particular purpose.

Production Possibility Curve: Shows whether the economy is able to produce the various combination of resources.

Resources: CELL

Capital- Man-made aid to production. 2 types of capital: Human and Capital 

Entrepreneur- Specialised type of labour that involves risk-taking and decision making.

Land- The natural resources available.

Labour- Physical and Mental effort / Resources available from working population.

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W What I want to know

How does investment help in promoting economic growth?

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L What I learned